Civeo completes $100M convertible notes offering due 2031

Civeo Corporation (NYSE: CVEO) completed a private unregistered offering of $100 million in aggregate principal amount of 4.50% Convertible Senior Notes due 2031, according to a press release statement.

The notes, issued July 7, 2026, bear interest at 4.50% per annum, payable semi-annually on February 1 and August 1 each year, beginning February 1, 2027. The notes mature on August 1, 2031, unless earlier repurchased, redeemed, or converted.

Civeo received net proceeds of approximately $96.2 million after deducting initial purchasers' discounts and offering expenses. The company used approximately $22.3 million of those proceeds to repurchase 660,297 common shares concurrently with the pricing of the offering. The remaining proceeds are intended to repay outstanding borrowings under its Amended and Restated Syndicated Facility Agreement.

The initial purchasers were granted an option to purchase up to an additional $15 million in aggregate principal amount of notes, exercisable within 13 days of the issuance date.

The initial conversion rate is 24.6840 common shares per $1,000 principal amount, representing an initial conversion price of approximately $40.51 per common share. The maximum number of common shares issuable upon conversion is 2,962,080, or up to 3,406,392 if the purchasers' option is fully exercised.

The company may not redeem the notes before August 1, 2029, except in the case of a tax or cleanup redemption. On or after that date, Civeo may redeem the notes at 100% of principal plus accrued interest, subject to conditions including the common share price exceeding 130% of the conversion price on at least 20 of 30 consecutive trading days.

U.S. Bank Trust Company, National Association, serves as trustee under the indenture governing the notes.

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