Oil States International to sell $135 million five-year convertibles

By Abigail W. Adams

Portland, Me., March 16 – Oil States International Inc. plans to price $135 million of five-year convertible notes in a Rule 144A offering, according to a company news release.

The offering carries a greenshoe of $15 million.

The notes will be settled in cash, shares or a combination of both at the company’s option.

The notes are non-callable until April 6, 2024 and then subject to a soft call.

Concurrently with the new offering, the company plans to repurchase for cash a portion of its 1.5% convertible notes due 2023 in privately negotiated transactions.

Proceeds will be used to fund the repurchase of the 1.5% convertible notes and for general corporate purposes, which may include additional repurchases of the 1.5% notes or the repayment of borrowings under the company’s revolving credit facility.

Oil States is a Houston-based service provider to oil and gas companies.

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