Civeo priced a private offering of $100 million of 4.50% convertible senior notes due 2031 and announced a six-year contract renewal for workforce accommodation and hospitality services in Western Canada. The notes, offered to qualified institutional buyers, will pay 4.50% annual interest and mature on August 1, 2031, unless earlier repurchased, redeemed, or converted. The initial conversion rate is 24.6840 shares per $1,000 principal amount, equivalent to a conversion price of about $40.51 per share, representing a 20% premium to Civeo's July 1 closing price of $33.76. The notes are expected to close on July 7, and initial purchasers have a 13-day option to buy up to an additional $15 million of notes. Separately, one of Civeo's Western Canada joint ventures secured a six-year contract renewal extending through June 30, 2032, replacing existing arrangements that were due to expire in 2027.
Civeo CorpPriced $100M convertible notes and secured six-year contract renewal in Western Canada