By Aleesia Forni
Virginia Beach, March 12 – Helmerich & Payne International Drilling Co. sold an upsized $500 million issue of 4.65% senior notes (A3//) due March 15, 2025 on Thursday at Treasuries plus 262.5 basis points, a market source said.
The notes sold at the tight end of guidance set in the 275 bps area over Treasuries. Initial guidance was set in the low-300 bps area.
The notes are guaranteed by Helmerich & Payne Inc.
The company intends to use the proceeds from the offering for general corporate purposes, including capital expenditures associated with its rig construction program.
Goldman Sachs & Co., Wells Fargo Securities LLC and HSBC Securities were bookrunners for the Rule 144A and Regulation S.
Tulsa, Okla.-based Helmerich & Payne engages in the contract drilling of oil and gas wells.
| Issuer: | Helmerich & Payne International Drilling Co.
|
| Guarantors: | Helmerich & Payne Inc.
|
| Amount: | $500 million, upsized from $350 million
|
| Description: | Senior notes
|
| Maturity: | March 15, 2025
|
| Bookrunners: | Goldman Sachs & Co., Wells Fargo Securities LLC, HSBC Securities
|
| Coupon: | 4.65%
|
| Spread: | 262.5 bps
|
| Trade date: | March 12
|
| Settlement date: | March 19
|
| Ratings: | Moody’s: A3
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | 275 bps area, tightened from low-300 bps area
|
|
|
|
|
© 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.
