Oceaneering Announces Private Offering of $200M of Senior Notes
Portfolio Pulse from Benzinga Newsdesk
Oceaneering International, Inc. (NYSE:OII) plans to offer $200M of additional 6.000% Senior Notes due 2028 in a private placement. The proceeds will be used to fund the purchase of its 4.650% Senior Notes due 2024. If the tender offer is not completed or the proceeds exceed the total consideration payable, the remaining funds will be used for general corporate purposes.
September 20, 2023 | 11:34 am
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NEUTRAL IMPACT
Oceaneering's announcement of a $200M private offering of Senior Notes may impact its short-term liquidity and debt profile. The proceeds will be used to fund the purchase of its 4.650% Senior Notes due 2024.
The announcement of a new debt issuance can have mixed effects on a company's stock. On one hand, it increases the company's liquidity, which can be positive. On the other hand, it increases the company's debt, which can be seen as negative. The impact on the stock price will depend on how investors interpret this news.
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