By Andrea Heisinger
New York, July 16 - Rowan Cos., Inc. gave terms for its upsized $500 million in 7.875% 10-year senior notes priced late Wednesday at Treasuries plus 437.5 basis points, according to an FWP Securities and Exchange Commission filing.
The size was increased from $375 million.
The notes (Baa3/BBB-) priced at 99.341 to yield 7.971%.
There is a make-whole redemption at Treasuries plus 50 bps.
Active bookrunners were Barclays Capital and Goldman Sachs & Co. Passives were Citigroup Global Markets, Deutsche Bank Securities and Wells Fargo Securities.
Proceeds will be used for general corporate purposes.
The contract drilling services provider is based in Houston.
| Issuer: | Rowan Cos., Inc.
|
| Issue: | Senior notes
|
| Amount: | $500 million, increased from $375 million
|
| Maturity: | Aug. 1, 2019
|
| Bookrunners: | Barclays Capital, Goldman Sachs & Co. (active), Citigroup Global Markets, Deutsche Bank Securities, Wells Fargo Securities (passive)
|
| Coupon: | 7.875%
|
| Price: | 99.341
|
| Yield: | 7.971%
|
| Spread: | 437.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | July 15
|
| Settlement date: | July 21
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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