Cal Dive International, Inc. (DVR) announced the closing of its previously announced private offering of its 5.00% convertible senior notes due 2017. Cal Dive issued $86.25 million aggregate principal amount of the notes (which includes $11.25 million aggregate principal amount of notes issued pursuant to the initial purchasers’ exercise in full of their over-allotment option on July 16, 2012). The offering and sale of the notes was made through a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.
The net proceeds from the offering were approximately $83.0 million after deducting the initial purchasers’ discounts and commissions and estimated transaction expenses. Cal Dive will use the net proceeds from the notes offering to repay a portion of the term loan under its senior secured credit facility.
Following the repayment, the term loan balance will be approximately $48.8 million. Additionally, the notes will be excluded from Cal Dive’s leverage ratio covenant under its senior secured credit agreement, as amended, going forward.
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