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Forbes Energy gets consents to amend 11% senior notes due 2015
By Melissa Kory
Cleveland, May 23 - Forbes Energy Services Ltd. announced that on May 20 its subsidiaries Forbes Energy Services LLC and Forbes Energy Capital Inc. received the necessary consents from holders of their 11% senior secured notes due 2015 to adopt the proposed amendments in its previously commenced tender offer and related consent solicitation.
The companies solicited consents to amend the note indenture to eliminate most of the restrictive covenants and event of default provisions as well as modify the terms of any intercreditor agreement.
Forbes announced the launch of the cash tender offer for any and all of its $192.5 million of the notes on May 10. A total of $187,932,000, or over 97%, of outstanding notes was validly tendered before the consent deadline of 5 p.m. ET on May 20.
The proposed amendments will become operative upon the closing of the purchase of the notes tendered by the expiration date of 5 p.m. ET on June 7.
The issuers offered $1,127.50 for each $1,000 principal amount of notes, including a consent payment of $30.00 for those who tendered prior to 5 p.m. ET on May 20.
Holders who did not tendered their notes by the consent time can still tender their notes prior to June 7. These holders will receive the purchase price of $1,097.50 for each $1,000 principal amount of notes.
D. F. King & Co., Inc. is the information agent (800 290-6426). Jefferies & Co., Inc. is the dealer manager and solicitation agent (888 708-5831 or call collect 203 708-5831).
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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