Deal Description: On September 21, 2023, Oceaneering International, Inc. (NYSE: OII) (“Oceaneering”) announced the pricing of its offering of $200,000,000 aggregate principal amount of additional 6.000% Senior Notes due 2028 (the “2028 Notes”) in a private placement to eligible purchasers at a price of 91.500% of par, plus accrued interest from August 1, 2023. The 2028 Notes will constitute an additional issuance of Oceaneering’s outstanding 6.000% Senior Notes due 2028, which Oceaneering issued on February 6, 2018 in an aggregate principal amount of $300,000,000, and will form a single series with such notes. The offering is expected to close on October 2, 2023, 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 2024 validly tendered and accepted for purchase in a concurrent cash tender offer, which commenced on September 20, 2023. 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.
Baker Botts L.L.P. represented Oceaneering in the offering and the tender offer.
Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries.
Baker Botts Lawyers/Office Involved:
- Corporate: Carina Antweil (Partner, Houston); Lakshmi Ramanathan (Special Counsel, Houston); Michael Mazidi (Associate, Houston); Austin Lee (Associate, Houston)
- Finance: Luke Weedon (Partner, Dallas); Regan Vicknair (Associate, Houston)
- Tax: Jon Lobb (Partner, Houston); Phillip Clifton (Associate, Houston)
- Environmental: Elizabeth Singleton (Special Counsel, Houston)
ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.