![Oceaneering Prices Private Offer of Senior Notes at $200MM](/sites/default/files/styles/hart_news_article_image_640/public/image/2023/09/oceaneering-prices-private-offer-senior-notes-200mm.jpg?itok=p4O7yn5q)
Oceaneering will use the net proceeds from the offering to fund the purchase its 4.650% senior notes due in 2024. (Source: Shutterstock)
Oceaneering International has priced its previously announced private placement offering of 6% senior notes, due in 2028, at $200 million.
The 2028 notes will constitute an additional issuance of Oceaneering’s outstanding 6% senior notes due 2028, which Oceaneering issued in February 2018 in an aggregate principal amount of $300 million. The company will form a single series with the notes.
The 2028 notes will mature on Feb. 1, 2028. The offering is expected to close on Oct. 2, subject to customary closing conditions.
Oceaneering intends to use the net proceeds from the offering, together with cash on hand if necessary, to fund the purchase of any and all of its 4.650% senior notes due in 2024 that are “validly tendered and accepted for purchase.”
If the tender offer is not consummated or the net proceeds from the offering exceed the total consideration payable in the tender offer, Oceaneering intends to use the remaining net proceeds from the offering for general corporate purposes, which may include the repayment, redemption or repurchase of outstanding indebtedness.
Recommended Reading
Upstream, Midstream Dividends Declared in the Week of July 8, 2024
2024-07-11 - Here is a selection of upstream and midstream dividends declared in the week of July 8.
Solaris Stock Jumps 40% On $200MM Acquisition of Distributed Power Provider
2024-07-11 - With the acquisition of distributed power provider Mobile Energy Rentals, oilfield services player Solaris sees opportunity to grow in industries outside of the oil patch—data centers, in particular.
Wood Mackenzie Appoints Zhou as Head of Power, Renewables Business
2024-06-05 - Xizhou Zhou most recently led the global power and renewables division at S&P Global’s commodity insights business and the Asia Pacific gas, power and renewables business.
Bethancourt Appointed as Devon Energy’s Board Chair
2024-06-05 - John Bethancourt joined Devon Energy’s board in 2014 following his retirement from Chevron’s executive team.
TotalEnergies Buys UK Power Plant from EIG for $575MM
2024-06-06 - TotalEnergies signed an agreement with EIG, an institutional investor in the global energy sector, for the acquisition of all the shares of West Burton Energy for an enterprise value of £450 million (US$575 million).