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Basic Energy Services Announces Receipt Of Requisite Consents With Respect To Its Tender Offer And Consent Solicitation For Its 7.125% Senior Notes Due 2016

Basic Energy Services (NYSE: BAS) today announced that it had received, as of 5:00 p.m., New York City Time, on October 15, 2012 (the "Consent Expiration") tenders and consents from the holders of $217,298,000 in aggregate principal amount, or approximately 96.58%, of its outstanding $225,000,000 7.125% Senior Notes due 2016 (the "Notes") in connection with its previously announced cash tender offer and consent solicitation for the Notes, which commenced on October 1, 2012. In connection with the tender offer and related consent solicitation for the Notes, Basic entered into a supplemental indenture to the indenture governing the Notes to, among other things, eliminate substantially all of the restrictive covenants and certain event of default provisions in the indenture.

The tender offer for the Notes is scheduled to expire at 11:59 p.m., New York City Time, on October 29, 2012 (the "Expiration Time"). Notes tendered after the Consent Expiration but prior to the Expiration Time will not receive a consent payment. Notes tendered on or prior to the Consent Expiration may no longer be withdrawn. Holders of the Notes who tendered their Notes prior to the Consent Expiration Date are entitled to receive a consent payment of $20.00 per $1,000 principal amount of the Notes validly tendered and accepted for purchase, in addition to the tender offer consideration of $1,007.25 per $1,000 principal amount of Notes plus accrued and unpaid interest up to, but not including, the date of payment for such Notes accepted for purchase. The settlement date for Notes tendered on or prior to the Consent Expiration was October 16, 2012.

Any Notes not tendered and purchased pursuant to the tender offer will remain outstanding, and the holders thereof will be subject to the terms of the supplemental indenture although they did not consent to the amendments. However, Basic intends to redeem on November 16, 2012 all outstanding Notes not tendered prior to the Expiration Time.

Posted-In: News Financing

 

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