By Paul A. Harris
Portland, Ore., Feb. 8 - United Arab Emirates-based Millennium Offshore Services Superholdings LLC priced a $225 million issue of five-year senior secured notes (B2/B) at par to yield 9½% on Friday, market sources said.
The yield printed on top of the yield talk.
Initial guidance was in the low-to-mid 9% yield context, according to an investor.
Goldman Sachs was the lead.
Proceeds will be used to fund a dividend to shareholders.
Millennium Offshore is an Ajman, United Arab Emirates-based rig provider for the offshore oil and gas industry.
| Issuer: | Millennium Offshore Services Superholdings LLC
|
| Amount: | $225 million
|
| Maturity: | Feb. 15, 2018
|
| Securities: | Senior secured notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 867 bps
|
| First call: | Feb. 15, 2015 at 107.125
|
| Trade date: | Feb. 8
|
| Settlement date: | Feb. 14
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 9½% area
|
| Marketing: | Roadshow
|
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