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

By Mary-Katherine Stinson

Lexington, Ky., June 20 – Secure Energy Services Inc. announced the success of its consent solicitation with respect to its 11% second-lien senior secured notes due 2025, according to a press release.

Secure Energy received the required consents from holders of more than 50% of the aggregate principal amount outstanding of the notes (other than notes held by Secure Energy or any or its affiliates) to approve the 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% 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 were eligible to deliver consents.

The consent solicitation was launched June 8 and expired at 5 p.m. ET on June 16.

The company will pay a consent payment of $5.00 per $1,000 principal amount to each consenting noteholder promptly upon the execution of the fifth supplemental indenture.

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

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