Secure Energy seeks consents to amend 11% senior notes due 2025

By Marisa Wong

Los Angeles, June 8 – Secure Energy Services Inc. announced it has begun a consent solicitation with respect to its 11% senior second-lien secured notes due 2025.

Secure is soliciting consents to proposed amendments to the indenture governing the 2025 notes to fully align the restricted payment section under the indenture with the comparable terms under the indenture governing the company’s outstanding $340 million 7¼% unsecured notes due 2026, which facilitates the company’s delivery of capital allocation priorities, including the return of capital to shareholders in the form of its quarterly dividend and opportunistic share repurchases.

Holders of record as of 5 p.m. ET on June 7 are eligible to deliver consents.

For approval, the proposed amendments require consents from holders of more than 50% of the aggregate principal amount outstanding of the notes (other than notes held by Secure or any or its affiliates).

The consent solicitation expires at 5 p.m. ET on June 16.

The company is offering a consent payment of $5.00 per $1,000 principal amount.

A fifth supplemental indenture will be executed once the required consents are received. However, the proposed amendments will not become operative unless the consent payment is made.

Barclays (800 438-3242, 212 528-7581) is solicitation agent.

The information and tabulation agent is D.F. King & Co., Inc. (800 848-3410 or 212 269-5550 for bankers and brokers; SES@dfking.com).

Secure is an environmental and energy infrastructure business based in Calgary, Alta.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.