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Basic Energy Services gets needed consents for 11 5/8% notes, to redeem any notes not tendered
By Angela McDaniels
Tacoma, Wash., Feb. 15 - Basic Energy Services, Inc. had received tenders and consents for $224.7 million principal amount, or 99.9%, of its $225 million of 11 5/8% senior secured notes due 2014 as of 5 p.m. ET on Feb. 14, according to a company news release.
Feb. 14 was the consent deadline in a tender offer and consent solicitation for the notes that began Feb. 1. It will expire at 9 a.m. ET on March 2.
The consents received so far are enough to amend the indenture governing the notes to eliminate substantially all of the restrictive covenants and some event-of-default provisions.
All of the notes tendered through the consent deadline were purchased on Feb. 15. Holders received $1,161 per $1,000 principal amount of notes plus accrued interest. This price included a consent payment of $30.
Holders who tender after the consent deadline but prior to the offer expiration will receive $1,131 per $1,000 principal amount of notes plus accrued interest.
Any notes that remain outstanding after the offer will be redeemed on March 17 at par plus the applicable premium. The redemption will be funded with proceeds from the company's $275 million issue of 7¾% notes due 2019, which priced Feb. 3.
The dealer manager and solicitation agent is Bank of America Merrill Lynch (800 292-0700). The information agent is D.F. King & Co., Inc. (800 659-6590).
Basic Energy Services is based in Midland, Texas, and provides well site services to oil and gas companies.
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