Oceaneering International Prices $500M Senior Notes at 6.875%

By Ahmed Jamerson • Friday, June 26 13:01 • Permanent Link

Oceaneering International priced a $500 million private offering of 6.875% senior notes due 2034 at par, with the notes set to mature on July 15, 2034.

The company said the offering is expected to close on July 6, 2026. The new debt carries a coupon 87.5 basis points above the 6.000% senior notes due 2028 that Oceaneering is targeting in a concurrent cash tender offer.

Oceaneering said it plans to use the proceeds, together with cash on hand if needed, to buy any and all of the 2028 notes that are validly tendered and accepted. If the tender offer does not close, or if the bond sale brings in more than is needed for the repurchase, the company said it will use the excess for general corporate purposes, including possible debt repayment, redemption or repurchase.

The new notes are being sold in a private placement to eligible purchasers. The market has reacted to these announcements by moving the company's shares 0.1% to a price of $39.41. For more information, read the company's full 8-K submission here.

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