Rowan plans mid-week pricing for $400 million 8.5-year bullet notes, to fund tender

By Paul A. Harris

Portland, Ore., Dec. 5 – Rowan Cos., Inc. and Rowan Cos. plc plan to price a $400 million public offering of 8.5-year non-callable senior notes in the middle part of the present week, according to a market source.

Initial guidance has the deal coming with a yield in the 8% area.

BofA Merrill Lynch, Barclays, DNB Markets, Wells Fargo Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., MUFG, HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC are the joint bookrunners.

RBC Capital Markets LLC, Scotia Capital (USA) Inc., Clarksons Platou Securities Inc. and Pareto Securities are the co-managers.

The Houston-based contract drilling services provider plans to use the proceeds to help fund tender offers for up to $750 million of its 5% notes due 2017, its 7 7/8% due 2019, its 4 7/8% notes due 2022 and its 4¾% notes due 2024.

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