Oceaneering International, Inc. (NYSE: OII) announced plans to offer $500 million in aggregate principal amount of Senior Notes due 2034 in a private placement to eligible purchasers.

The Houston-based company said it intends to use the net proceeds, along with cash on hand if necessary, to fund the purchase of its existing 6.000% Senior Notes due 2028 through a concurrent cash tender offer announced the same day.

If the tender offer is not completed, or if proceeds exceed the amount required for the tender, Oceaneering said the remaining funds would be used for general corporate purposes, which may include repayment, redemption, or repurchase of outstanding debt.

The 2034 notes will be offered to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and to non-U.S. persons outside the United States under Regulation S. The securities have not been registered under the Securities Act or any state securities laws.