Civeo Raises $100M via 4.5% 2031 Convertible Notes, Wins Six-Year Canada Contract Renewal
CVEO•Civeo priced $100 million of 4.5% convertible notes due 2031 with a $15 million overallotment option, setting a conversion price of $40.51 and netting $96.2 million. It will allocate $22.3 million to repurchase shares and repay debt, and its Western Canada joint venture secured a six-year contract through June 2032.
1. Convertible Note Offering Terms
Civeo Corporation priced $100 million aggregate principal amount of 4.50% convertible senior notes due August 1, 2031, in a private placement to qualified institutional buyers, with an option to sell an additional $15 million. The notes accrue interest semi-annually, carry an initial conversion price of $40.51 per share, and are expected to generate net proceeds of about $96.2 million, of which $22.3 million will fund a repurchase of 660,297 common shares and the remainder will repay borrowings under its syndicated credit facility.
2. Western Canada Contract Renewal
A Western Canada joint venture of Civeo secured a six-year contract renewal through June 30, 2032, replacing agreements set to expire in 2027. The extension covers workforce accommodations and hospitality services across Civeo’s lodge network in Western Canada, reinforcing long-term occupancy commitments and bolstering future revenue visibility.
