Oceaneering offers $200M of 6.00% notes due 2028, tenders for $400M of 4.65% notes due 2024

OCEANEERING INTERNATIONAL INC

Issuing additional $200M principal of 6.000% Senior Notes due 2028, reopening existing $300M series.
Commencing cash tender offer for any and all of its $400M outstanding 4.650% Senior Notes due 2024 at $1,000 per $1,000.
Tender offer expires Sept 26, 2023; settlement expected Oct 2, 2023; conditioned on debt financing.
Net proceeds plus cash on hand to fund the tender; any excess for general corporate purposes.
Credit agreement amendment extends lender commitments to April 8, 2027, contingent on note issuance and tender.

Key facts

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

OCEANEERING INTERNATIONAL INC amended Agreement and Amendment No. 1 to Credit Agreement with Wells Fargo Bank, National Association (effective 2023-09-20).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Effective: 2023-09-20

Exact text from the filing

On September 20, 2023, Oceaneering International, Inc. (“Oceaneering”) entered into an Agreement and Amendment No. 1 to Credit Agreement with certain of Oceaneering’s subsidiaries, as guarantors, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (the “Amendment”), which will amend the Credit Agreement, dated as of April 8, 2022, among Oceaneering, as borrower, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (as amended by the Amendment, the “Credit Agreement”).

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Source: SEC EDGAR

accession 0001193125-23-238090

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