Oceaneering International has priced its private offering of $500 million aggregate principal amount of 6.875% Senior Notes due 2034 at par. The notes will mature on July 15, 2034, and the offering is expected to close on July 6, 2026. Oceaneering intends to use the net proceeds, together with cash on hand if necessary, to fund the purchase of any and all of its 6.000% Senior Notes due 2028 validly tendered in a concurrent cash tender offer. Any remaining proceeds will be used for general corporate purposes, which may include repayment, redemption, or repurchase of outstanding debt. The notes are being offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.
Oceaneering International IncIssuing $500M in new debt at 6.875% interest increases leverage and interest expense, though proceeds refinance existing debt.