Tuscany talks $200 million notes due 2019 to yield in low 10% area

By Paul A. Harris

Portland, Ore., Nov. 27 - Tuscany International Drilling Inc. talked its $200 million offering of senior notes due 2019 (/B/B+) with a yield in the low 10% area, market sources said on Tuesday.

The roadshow was scheduled to wrap up on Tuesday.

Credit Suisse and Scotia Capital are the joint bookrunners.

The Rule 144A and Regulation S notes come with four years of call protection.

The Calgary, Alta.-based oilfield services provider plans to use the proceeds, together with funds drawn from an amended and upsized revolver, to repay term loans under its credit agreement.

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