Oceaneering International Inc. (NYSE: OII) intends to offer senior notes in an underwritten public offering. The company has priced its offering of $500 million aggregate principal amount of 4.65% senior notes due 2024 at a public offering price of 99.614%. The offering is expected to close on Nov. 21.
Oceaneering plans to use the net proceeds of the proposed offering for general corporate purposes, which may include funding acquisitions and other capital expenditures and repurchases of outstanding shares of its common stock. Until the net proceeds are used for such purposes, Oceaneering intends to invest the net proceeds in short-term, liquid investments.
Credit Suisse Securities (USA) LLC, JP Morgan Securities LLC, Wells Fargo Securities LLC, DNB Markets Inc., and HSBC Securities (USA) Inc. are acting as joint book-running managers for the proposed offering. In addition, Merrill Lynch, Pierce, Fenner & Smith Inc., Mitsubishi UFJ Securities (USA), and Standard Chartered Bank Inc. are acting as senior co-managers, and Barclays Capital Inc. is acting as co-manager.