Forbes Energy Services completes required 11% secured notes purchase

By Jennifer Chiou

New York, June 29 - Forbes Energy Services Ltd. announced that it bought back $7.25 million of its 11% senior secured notes in the open market as required under the indenture, leaving $192.5 million of notes outstanding.

The repurchased notes have been canceled.

The company previously said in its financial report for the first quarter ended March 31 that it would require additional funding during the year in order to meet its working capital requirements, including the required repurchase of $6.6 million of the notes and interest payments.

In 2009, the company made $5.25 million of open-market purchases of the notes.

Forbes Energy Services is an Alice, Texas-based independent oilfield services company that provides drilling and production-related services to oil and natural gas companies.

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