Helix Energy Solutions Group’s $200 Million Convertible Senior Notes Offering

Baker Botts L.L.P. and Goodwin Procter LLP represented Helix Energy Solutions Group, Inc. on the deal.

Helix Energy Solutions Group, Inc. (NYSE: HLX) closed an upsized offering of $200 million aggregate principal amount of 6.75% Convertible Senior Notes due 2026 (the “2026 notes”). The 2026 notes were issued via an underwritten public offering, resulting in net proceeds of approximately $192.5 million, after deducting underwriting fees and estimated offering expenses.

Helix used approximately $10.5 million of the net proceeds to fund the cost of entering into privately negotiated capped call transactions with affiliates of two of the underwriters and one other financial institution. Helix used the remainder of the net proceeds, together with cash on hand, to repurchase approximately $90 million aggregate principal amount of its outstanding 4.25% Convertible Senior Notes due 2022 (the “2022 notes”) and approximately $95 million aggregate principal amount of its outstanding 4.125% Convertible Senior Notes due 2023 (the “2023 notes”) in privately negotiated transactions effected through one of the underwriters or its affiliate, as Helix’s agent, effected concurrently with the offering.

Helix Energy Solutions Group, Inc. is a marine contractor and operator of offshore oil and gas properties and production facilities. The Company seeks to align the interests of the producer and contractor by investing in mature offshore oil and gas properties, hub production facilities, and undeveloped reserve plays.

Baker Botts team was led by Gene Oshman (Picture), Justin Hoffman, Eileen Boyce, Ieuan List, Steven Lackey, Sean Aguirre, Andrew Thomison, Derek Green and Dominick Constantino.

The Goodwin team consisted of John Servidio and James Barri.
Involved fees earner: Sean Aguirre – Baker Botts; Eileen Boyce – Baker Botts; Dominick Constantino – Baker Botts; Derek Green – Baker Botts; Justin Hoffman – Baker Botts; Steven Lackey – Baker Botts; Ieuan List – Baker Botts; Andrew Thomison – Baker Botts; James Barri – Goodwin Procter; John Servidio – Goodwin Procter;

Law Firms: Baker Botts; Goodwin Procter;

Clients: Helix Energy Solutions Inc.;

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Author: Ambrogio Visconti