Coffey International, a small cap geotechnical engineering company listed on the ASX, advised the market yesterday of its intention to sell A$40 million of five-year floating rate notes.The notes will be unlisted and unrated and the issue is being led by FIIG Securities.It is proposed that the floating rate notes will pay a coupon of 465 basis points over 90-day bank bills. The offer is open to sophisticated investors only. The proceeds from the issue will be used in full to reduce debt owed to the company's bankers. In return, the maturity date of the bank facilities will be extended to September 2017 from February 2016.Security has been granted over certain group assets for the banking facilities provided, leaving potential note holders ranking behind the bank in the priority of creditors.Coffey International was established in 1959 and listed on the ASX in 1990. The company expanded rapidly through acquisition prior to the GFC but was subsequently forced to refocus on three core activities: geoservices, project management and international development.The company has also focused on debt reduction since the GFC. Gross debt peaked at $150.8 million at the end of fiscal 2011 and was down to $77 million by the end of June.The company returned to profit in the 2013/14 financial year, reporting net profit of $4.4 million.