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by Stephen Carter
Sep 24, 2025 12:14 PM ET
DeepOcean Ltd (DEEPOC) EUR480m (up from EUR450m) 144A/Reg S sr sec notes due 04/08/31 (5.5y). NC2 (10/08/27) (MWC B+50bp), then at 103.00 10/08/2, 101.50 10/08/28, 100 10/08/29. Equity claw: 2y 40% at 106.00. IPO claw: any time in whole or part at 102. Special call: 10% per year the first 2 years at 103. B1/BB-/BB- (stable/stable/stable). Via JPM (B&D)/GS/DNBC/SB1 Mkts (Sparebank) jt glocos and physical books. No reg rights. List ISE. NY law. CoC at 101. Denoms: 100kx1k. Settles 10/08 (T+10). Reg S ISIN: XS3191557241. IPT: high 6s. Price guidance: 6.50%-6.75%. EUR30m upsize for GCP, including the potential repayment of a Vendor Loan Note. Price talk: 6.25%-6.50%. Final price talk: 6.00%-6.125%.
Priced: 6.00% at 100. +362bp vs DBR 0.00% 08/15/31.
Roadshow (virtual group meetings) 09/22-24 (investor call at 3:30pm 09/22). Books close at 1:45pm (from 1:30pm) UKT 09/24. Pricing 09/24 UK afternoon. UOP: along with $27.6m (down from $45m) cash on hand, to refinancing existing debt (US410.5m term loan, and US$80m to pay down its revolver in full) and US$370m shareholder distribution (EUR30m upsize for GCP, including the repayment of a $24.7m Vendor Loan Note). Biz: Global leader in ocean solutions, serving the most attractive subsea end-markets with a comprehensive suite of services. HQ: Oslo, Norway.
Netroadshow direct link: http://www.netroadshow.com/nrs/home/#!/?show=e1f5fa6b. Entry code: dove25.