Newpark Resources buys back all of 8 5/8% notes

By Laura Lutz

Des Moines, Sept. 22 - Newpark Resources, Inc. voluntarily redeemed its entire $125 million outstanding 8 5/8% senior subordinated notes on Sept. 22, according to an 8-K filing with the Securities and Exchange Commission.

The company also paid accrued interest for the notes.

Newpark funded the redemption by drawing down the entire amount of its new $150 million term loan facility.

It also used proceeds from the term loan facility to repay in full its barite financing facilities and the term portion of its credit facility and to reduce the revolving portion of its credit facility.

Newpark is a Matairie, La., provider of integrated environmental and drilling fluid services to oil and gas drillers.

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