Oil States tenders, solicits consents for 6½% notes and 5 1/8% notes

By Susanna Moon

Chicago, May 9 - Oil States International, Inc. said it began cash tender offers for its $600 million principal amount of 6½% senior notes due 2019 and $366 million principal amount of 5 1/8% senior notes due 2023.

The total purchase price for each $1,000 principal amount will be $1,050.88 for the 6½% notes and $1,146.98 for the 5 1/8% notes tendered by 5 p.m. ET on May 22, the consent date.

The total purchase amount includes a consent payment of $30.00 per $1,000 principal amount.

Those who tender after the consent date will receive the total amount less the consent payment.

Holders also will receive accrued interest to but excluding the settlement date, which is expected to be May 29.

The tender offers will end at 11:59 p.m. ET on June 6.

Tendered notes may be withdrawn by the consent date.

The company also is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and events of default.

The tender offers are conditioned on the company securing consents from holders of a majority of the outstanding notes, execution of supplemental indentures and the company obtaining a dividend from its subsidiary, Civeo Corp., for the spinoff of its accommodations business with enough proceeds to help fund the tenders, according to a company press release.

D.F. King & Co., Inc. (800 431-9633 or, for banks and brokers, 212 269-5550) is the tender agent and information agent. Scotia Capital (USA) Inc. (800 372-3930) is the dealer manager and solicitation agent.

Houston-based Oil States is a diversified oilfield services company.

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