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Oil States gets tenders for 83% of 6½% notes, nearly all 5 1/8% notes so far
By Susanna Moon
Chicago, May 22 - Oil States International, Inc. said investors had tendered 82.68% of its $600 million principal amount of 6½% senior notes due 2019 and 99.96% of its $366 million principal amount of 5 1/8% senior notes due 2023 so far.
The tally is as of 5 p.m. ET on May 22, the consent date, and the company plans to execute supplemental indentures to the notes to eliminate most of the covenants and some default provisions, according to a company press release.
The supplemental indentures will become operative when a majority of the outstanding notes of each series has been purchased.
As previously announced, 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 the consent deadline.
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. They began on May 9.
Tendered notes may no longer be withdrawn as of the consent date.
The tender offers are conditioned on the company securing consents from the holders of a majority of the outstanding notes, which has now been satisfied, the 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.
Scotia Capital (USA) Inc. (800 372-3930) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 431-9633 or, for banks and brokers, 212 269-5550) is the tender agent and information agent.
Houston-based Oil States is a diversified oilfield services company.
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