Civeo issues $100M of 4.50% Convertible Senior Notes due 2031; uses proceeds for share repurchase and debt repayment

Civeo Corp

$100M aggregate principal of 4.50% Convertible Senior Notes due 2031 issued; initial purchasers have option for additional $15M.
Net proceeds ~$96.2M; $22.3M used to repurchase 660,297 common shares; remainder to repay borrowings under syndicated facility.
Initial conversion rate 24.6840 shares per $1,000 principal (conversion price ~$40.51); notes mature August 1, 2031.
Notes redeemable at company's option on/after Aug 1, 2029 if stock price exceeds 130% of conversion price for 20 of 30 trading days.
Issued in private placement under Rule 144A; common shares issuable upon conversion expected exempt under Section 3(a)(9).

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