By Paul A. Harris
Portland, Ore., March 12 - Hercules Offshore Inc. priced a $300 million issue of eight-year senior notes (expected ratings B3/B) at par to yield 6¾% on Wednesday, according to a market source.
The yield printed at the wide end of the 6 5/8% to 6¾% yield talk.
Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., UBS Investment Bank and Capital One were the joint bookrunners.
The Houston-based provider of offshore services to the energy industry plans to use the proceeds to fund the tender for its 7 1/8% senior secured notes due 2017.
| Issuer: | Hercules Offshore Inc.
|
| Amount: | $300 million
|
| Maturity: | 2022
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., UBS Investment Bank, Capital One
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| First call: | Callable after three years at 105.063
|
| Trade date: | March 12
|
| Expected ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6 5/8% to 6¾%
|
| Marketing: | Quick to market
|
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