Cal Dive greenshoe exercised, raising convertibles to $300 million

New York, March 30 - Cal Dive International Inc. said it completed the sale of $300 million of 20-year convertible senior notes, reflecting exercise in full of the $60 million over-allotment option.

The company originally priced $240 million of the securities after the close on March 23 at par to yield 3.25% with a 42.5% initial conversion premium.

Banc of America Securities was bookrunner for the Rule 144A deal.

The Houston-based deepwater drilling oilfield services company said proceeds would be used for general corporate purposes including a contribution to its 50/50 joint venture Deepwater Gateway LLC for early debt retirement, capital expenditures and potential acquisitions.

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