By Rebecca Melvin
Princeton, N.J., June 15 - Oil States International, Inc. priced $125 million of 20-year contingent convertible senior notes to yield 2.375% with an initial conversion premium of 25%.
There is a greenshoe of $50 million.
The deal was priced after the close Wednesday.
The Houston-based oil services company plans to use $30 million of the proceeds to buy back common stock from the underwriter. Remaining proceeds will repay a $25 million bridge loan and $66 million of borrowing under its senior secured credit facility.
The name of the underwriter was not immediately available.
Terms of the deal are:
| Issuer: | Oil States International, Inc.
|
| Issue: | Contingent convertible senior notes
|
| Amount: | $125 million
|
| Greenshoe: | $50 million
|
| Maturity: | July 1, 2025
|
| Coupon: | 2.375%
|
| Price: | Par
|
| Yield: | 2.375%
|
| Conversion premium: | 25%
|
| Conversion price: | $31.75
|
| Call: | July 6, 2012 onwards
|
| Put: | In years 7, 10 and 15
|
| Contingent conversion: | Yes
|
| Pricing date: | June 15, after close
|
| Settlement date: | June 21
|
| Distribution: | Rule 144A
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
