Rowan pricing reopening of 10-year notes, new 30-year bonds Tuesday

By Andrea Heisinger

New York, Dec. 4 - Rowan Cos., Inc. is tapping the market for senior notes (Baa3/BBB-/) in two maturities, an informed source said.

The offering includes a reopening of 4.875% notes due on June 1, 2022. These notes have a make-whole call at Treasuries plus 50 basis points until March 1, 2022, with a par call after that date.

There is $500 million outstanding of the notes, which were priced on May 16 with a spread of Treasuries plus 320 bps.

There is also a tranche of new 30-year bonds.

Active bookrunners are Barclays, Citigroup Global Markets Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC. Passive bookrunners are Bank of America Merrill Lynch and Goldman Sachs & Co.

Co-managers are DNB NoR Markets, HSBC Securities (USA) Inc., Mitsubishi UFJ Securities (USA) Inc. and Morgan Stanley & Co. LLC.

Proceeds will be used for general corporate purposes, including capital expenditures.

The notes are guaranteed by Rowan Cos. plc.

The contract drilling services provider is based in Houston.

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