Finance - Debt
Investors flocked to a new US$5.5 billion bond from Pemex on Dec. 5, the first dollar deal from a Latin American borrower since November 10.
Those who do not sell UWTI during the week of Dec. 5 could be forced to hold the notes for years since they do not officially expire until February 2032, Reuters reported.
CCH will use the net proceeds to prepay a portion of the principal amounts currently outstanding under its credit facilities.
BofA Merrill Lynch and Barclays Capital Inc. will be joint book-running managers for the senior notes offering.
Nabors Industries Inc. (NII) opened an offering of senior unsecured notes due 2023 that will be guaranteed by parent Nabors Industries Ltd., according to a Dec. 2 press release.
"Challenges included the negative impact of low oil prices and regulatory factors on our small portfolio of loans to oil and gas producers," CEO Chris Fowler said, according to Reuters.
Paramount Resources Ltd. will redeem about $286.58 million of outstanding 7.625% senior unsecured notes due 2019 on Dec. 19 of this year, the company said Nov. 17.
These are being offered as additional notes to the outstanding 5.875% senior notes due 2026, $250 million of which were publicly offered in March.
In order to repay outstanding amounts under Weatherford Bermuda’s revolving credit facility, Weatherford International Plc opened a private offering of $500 million senior notes due 2024.
The reaffirmed borrowing base, along with its recently-announced debt exchange, will position the company to resume production growth while continuing to operate within cash flow, Approach CFO Sergei Krylov says.
J. Ross Craft, chairman and CEO of Approach Resources, said the company could save $16.1 million in annual interest payments and up to $70 million in interest payments over the life of the senior notes.
A total of $281 million of borrowings is currently outstanding under the facility, leaving $169 million of available capacity.