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.
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