OIS - Oil States prices $135M convertible senior notes offering

Oil States International (OIS) trades 10% down premarket after pricing a private offering of $135M principal amount of its 4.75% convertible senior notes due 2026; initial purchasers granted 13-day option to purchase up to an additional $15M principal amount of the notes.Notes are expected to be delivered and paid for on Mar. 19, 2021.Notes will bear interest rate of 4.75% annually, payable semiannually in arrears commencing Oct.1.Notes will mature on Apr. 1, 2026, unless repurchased, redeemed or converted; the company will have the option to redeem all or any portion of the notes on or after Apr. 6, 2024.Net proceeds estimated to be ~$130M; out of which $120M to be used for repurchasing for cash $125M principal amount of its 1.50% convertible senior notes due 2023.Remaining proceeds to be used for general corporate purposes, which may include further repurchases of its 2023 convertible notes and/or repayment of borrowings outstanding under our asset-based revolving credit facility.

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Oil States prices $135M convertible senior notes offering