Civeo entered into an Indenture and issued $100 million of 4.50% Convertible Senior Notes due 2031 in a private 144A offering, with an option for an additional $15 million. The notes pay semi-annual interest and are convertible at an initial price of approximately $40.51 per share, with customary adjustment provisions and redemption features starting in 2029. Civeo received net proceeds of about $96.2 million, using approximately $22.3 million to repurchase 660,297 common shares and planning to apply the remainder to repay borrowings under its syndicated facility. The issuance is intended to lower financing costs and enhance financial flexibility.
Agreement details:
- Agreement type: Indenture for 4.50% Convertible Senior Notes due 2031
- Counterparty: U.S. Bank Trust Company, as trustee
- Signed / Effective: Jul 07 2026 / Jul 07 2026
- Duration / Termination: 5 years, maturing Aug 01 2031
- Reason: Refinance borrowings and support share repurchases, enhancing liquidity
Original SEC Filing:
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