Published on 9/17/2013 in the Prospect News High Yield Daily.
New Issue: Hercules Offshore prices $300 million eight-year notes at par to yield 7½%
By Paul A. Harris
Portland, Ore., Sept. 17 - Hercules Offshore, Inc. priced a $300 million issue of eight-year senior notes (B3/B/) at par to yield 7½% on Tuesday, according to a market source.
The yield printed at the tight end of the 7½% to 7 5/8% yield talk.
Deutsche Bank Securities Inc., UBS Investment Bank, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and Capital One Securities are managing the Rule 144A and Regulation S deal.
The notes come with three years of call protection.
The Houston-based provider of offshore drilling equipment and services plans to use the proceeds, together with cash on hand, to take out its 10½% senior secured notes due 2017.
Issuer: | Hercules Offshore, Inc.
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Amount: | $300 million
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Maturity: | Oct. 1, 2021
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Securities: | Senior notes
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Bookrunners: | Deutsche Bank Securities Inc., UBS Investment Bank, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Capital One Securities
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Co-managers: | Pareto Securities, Comerica Securities, Tudor Pickering Holt
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Coupon: | 7½%
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Price: | Par
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Yield: | 7½%
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First call: | Oct. 1, 2016 at 105.625
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Trade date: | Sept. 17
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Settlement date: | Oct. 1
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Ratings: | Moody's: B3
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| Standard & Poor's: B
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Distribution: | Rule 144A and Regulation S
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Price talk: | 7½% to 7 5/8%
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Marketing: | Quick to market
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