JWCA advises Civeo corp on its $100 million debut convertible financing

July 2026 | read press release

Transaction Background

Civeo Corp (“CVEO” or the “Company”) successfully raised $100mm in the convertible market at attractive terms (4.50% coupon and 20.0% conversion premium), pricing overnight with no stock price risk to CVEO.

Company objectives:

• Opportunistically raise capital at a low cost

• Eliminate stock price risk associated with a typical marketing process

• Take advantage of the strong convertible market

JWCA provided extensive analysis for CVEO on deal structuring and related items, such as:

• Convertible financing and execution strategy

• Syndicate structure and precedent data

• Accounting and tax analyses / implications

• Convertible documentation to ensure maximum value and future efficiency/flexibility

JWCA provided advice, support and analysis throughout the execution process

Results

Civeo was able to raise $100mm without a day of public marketing

• The transaction received strong outright demand at the priced terms

• The Company also repurchased ~$22.3mm shares to facilitate the transaction

CVEO eliminated stock price risk, as the transaction was executed via a confidential wall cross process, and priced overnight with convertible investors

J. Wood Capital supported the management team throughout the entirety of the offering providing valuable advice and ensuring a high-quality execution