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Welltec tenders for $325 million of 8% notes due 2019 via new issue
By Susanna Moon
Chicago, Nov. 8 – Welltec A/S said it is holding a cash tender offer for its $325 million of 8% senior secured notes due 2019 until 5 p.m. ET on Nov. 21.
The purchase price will be $1,008 for each $1,000 principal amount plus accrued interest up to but excluding the payment date.
As of Sept. 30, Welltec held about $27.4 million principal amount of the notes.
The tender is contingent on closing of a concurrent notes offering.
Welltec plans to redeem any remaining notes.
The notes are callable at 102 right now and at par beginning Feb. 1, according to a company notice.
Settlement is expected to occur on Nov. 28.
Goldman Sachs International (+44 20 7774 9862 or liabilitymanagement.eu@gs.com) is the dealer manager. D.F. King & Co., Inc. (866 828-6934, 212 269-5550, welltec@dfking.com or dfking.com/welltec) is the information agent and the tender agent.
Welltec plans to price $340 million of five-year senior secured notes with proceeds to be used to repay its 8% notes and also to repay its European Investment Bank finance contract, as reported by Prospect News on Wednesday.
The issuer is an Allerod, Denmark-based oilfield services provider.
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