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Welltec talks $325 million five-year secured notes to yield 8¾%-9%; pricing Thursday
By Paul A. Harris
Portland, Ore., Sept. 29 – Welltec International ApS talked its $325 million offering of five-year senior secured notes (B2/B-) to yield 8¾% to 9%, inside of initial guidance in the low 9% area, according to market sources.
The deal is set to price on Thursday.
Sole global coordinator and physical bookrunner Morgan Stanley & Co. LLC will bill and deliver. J.P. Morgan Securities LLC and DNB Markets Inc. are the joint bookrunners.
The Rule 144A and Regulation S notes come with two years of call protection.
The Katy, Tex.-based robotic well intervention and completion services provider plans to use the proceeds to repay debt.
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