Deal Description: On August 14, 2020, 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.

Baker Botts L.L.P. represented Helix in the public offering of the 2026 notes, and the repurchases of the 2022 notes and 2023 notes, together with Helix’s in-house legal staff, led by Ken Neikirk, Senior Vice President and General Counsel, Erik Heymann, Deputy General Counsel, and Angie Wickert, Associate General Counsel.

Baker Botts Lawyers/Offices Involved:

• Corporate: Gene Oshman (Partner, Houston); Justin Hoffman (Partner, Houston); Eileen Boyce (Senior Associate, Houston); Ieuan List (Associate; Houston); Steven Lackey (Associate, Houston); Sean Aguirre (Associate, Houston)
• Finance: Andrew Thomison (Partner; Houston)
• Tax: Derek Green (Partner; Houston); Dominick Constantino (Associate; Houston)

For more information, please see Helix’s news release regarding the pricing of the public offering of 2026 notes by clicking here.

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