Market Overview

Basic Energy Services Announces Tender Offer for Its 7.125% Senior Notes Due 2016

Basic Energy Services (NYSE: BAS) ("Basic") today announced it has commenced a cash tender offer and consent solicitation with respect to any and all of the $225,000,000 aggregate outstanding principal amount of its 7.125% Senior Notes due 2016 (the "Notes"). In conjunction with the tender offer, Basic is soliciting noteholder consents to effect certain amendments to the indenture governing the Notes.

Basic will pay the purchase price for Notes validly tendered and accepted for purchase, as well as accrued and unpaid interest up to, but not including, the payment date. The tender offer is scheduled to expire at 11:59 p.m., New York City time, on October 29, 2012, unless such date is extended by Basic or earlier terminated (the "Expiration Time"). Noteholders who provide consents to the proposed amendments will receive a consent payment per $1,000 principal amount of Notes tendered and accepted for purchase pursuant to the offer if they provide their consents prior to 5:00 p.m., New York City time, on October 15, 2012, unless such date is extended by Basic (the "Consent Expiration"). The total consideration to be paid for each $1,000 principal amount of the Notes validly tendered and not validly withdrawn before the Consent Expiration will be $1,027.25, which includes a consent payment of $20.00 per $1,000 principal amount of the Notes, together with accrued and unpaid interest up to the date of payment for such Notes. Noteholders tendering after the Consent Expiration and prior to the Expiration Time will be eligible to receive only $1,007.25 per $1,000 principal amount of Notes that are validly tendered and not validly withdrawn.

Posted-In: News Financing

 

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