First Pay: 2021-11-11; Redemption: 2022-03-15; Registration: 144A/Reg S; Comments: US$310m(upsized from US$300m) 8.875% cpn long 3yr (11/15/24) NC1 (3/15/22) at 98.082, yld 9.50%. Spread: T+897bp. MWC T+50bp prior to 3/15/22 and then 106.656, 103.328, 100.00. Equity clawback: Up to 35% at 108.875 until 3/15/22. Settle: 3/26/21. 144A CUSIP: 822538AG9;
Deal Comments
03/12/2021 Shelf Drilling Holdings Ltd (SHLFDI) $310m (up from $300m) 144A/Reg S gtd sr sec 1st lien notes due 11/15/2024 (3.75y). NC1 (03/15/22) (MWC T+50bp), then at 106.656 for 12mos (until 03/15/23), 103.328 for 6mos (until 09/15/23), then 100. Equity claw: 1y 35% at 108.875. B2/CCC+ (negative/negative). Via CS sole books, DNB as co-manager. Settles 03/26 (T+10). 144A CUSIP: 822538AG9. IPT: high 9s-10 yield, inclusive of OID. Px talk: all in yield of 9.75% area, inclusive of 1-2 points OID. Launched: $310m 8.875% at 98.082, yield 9.50%. Priced: 8.875% at 98.082, yield 9.50%. +897bp vs 2.25% 11/15/24. Did investor call at 10:30am 03/11 (1x1s were available). Books closed at 12pm 03/12. Reconfirms were due by 1:15pm 03/12. UOP: repay the $55m drawn on and terminate its $225m revolver, $24m cash to collateralize all of the outstanding bank guarantees under the revolver, redeem/repurchase its $80m 8.75% sr sec 2nd lien notes due 11/15/24, and GCP. Biz: a leading intl shallow water offshore drilling contractor providing equipment and services for the drilling, completion, maintenance and decommissioning of oil and natural gas wells. HQ: Dubai, UAE.