Civeo prices $100M convertible notes, wins six-year Canada contract renewal

* Civeo (CVEO [https://seekingalpha.com/symbol/CVEO]) priced [https://seekingalpha.com/pr/20570981-civeo-corporation-prices-100_0-million-convertible-senior-notes-offering] a private offering of $100M of 4.50% convertible senior notes due 2031, and announced a six-year contract renewa [https://seekingalpha.com/pr/20570982-civeo-awarded-six-year-western-canada-contract-renewal]l for workforce accommodation and hospitality services in Western Canada.
* The convertible notes, offered to qualified institutional buyers, will pay 4.50% annual interest, maturing on Aug. 1, 2031, unless earlier repurchased, redeemed, or converted. The initial conversion rate is 24.6840 shares per $1,000 principal amount, equivalent to a conversion price of about $40.51 per share, representing a 20% premium to Civeo's July 1 closing price of $33.76.
* The notes are expected to close on July 7. Initial purchasers have a 13-day option to buy up to an additional $15M of notes.
* Separately, one of Civeo's Western Canada joint ventures secured a six-year contract renewal to continue providing workforce accommodations and hospitality services.
* The renewed agreement extends through June 30, 2032, replacing existing arrangements that were due to expire in 2027.

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* Seeking Alpha’s Quant Rating on Civeo Corporation [https://seekingalpha.com/symbol/CVEO/ratings/quant-ratings]
* Historical earnings data for Civeo Corporation [https://seekingalpha.com/symbol/CVEO/earnings]