Oil States greenshoe exercised, raising convertibles to $175 million

New York, July 6 - Oil States International, Inc. said the underwriters of its recent offering of contingent convertible senior notes due 2025 exercised the $50 million over-allotment option in full, raising the size of the deal to $175 million.

The Houston-based oil services company originally priced $125 million of the securities after the close on June 15 to yield 2.375% with a 25% initial conversion premium.

RBC Capital Markets was bookrunner for the Rule 144A deal.

At the time, Oil states said it 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.

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