Millennium Offshore Services Superholdings today completed an offering of secured notes via sole bookrunner Goldman Sachs, according to sources. Pricing came at the midpoint of guidance and at the $225 million target size. Proceeds from the deal will largely be used to fund a distribution to shareholders – $162 million according to the preliminary offering memorandum – and to repay debt. The issuer is wholly owned by Millennium Offshore Services. Och-Ziff Capital Management Group owns 60% of the limited-liability-company interests in MOS while the remaining 40% is owned by Mike Mullen Energy Equipment Resources. Terms:
| Issuer | Millennium Offshore Services Superholdings |
| Ratings | B/B2 |
| Amount | $225 million |
| Issue | secured notes (144A / Reg S – w/o reg rights) |
| Coupon | 9.5% |
| Price | 100 |
| Yield | 9.5% |
| Spread | T+867 |
| FRN eq. | L+852 |
| Maturity | Feb. 15, 2018 |
| Call | nc2; 1st call @ par +75% of coupon |
| Trade | Feb. 8, 2013 |
| Settle | Feb. 14, 2013 (T+4) |
| Joint Bookrunners | GS |
| Co-leads | |
| Co’s. | ABN |
| Px talk | 9.5% area |
| Notes | w/ two-year equity clawback for 35% @ 109.5; carries T+50 make-whole call; investor put @ 101 on change of control and ratings downgrade |