Basic Energy tenders, seeks consents for $225 million of 7 1/8% notes

By Susanna Moon

Chicago, Oct. 1 - Basic Energy Services, Inc. said it began a cash tender offer and consent solicitation for its $225 million principal amount of outstanding 7 1/8% senior notes due 2016.

The company will pay a total price of $1,027.25, including a $20.00 consent fee, per $1,000 principal amount of notes tendered by 5 p.m. ET on Oct. 15, the consent expiration date.

Holders also will receive accrued interest up to but excluding the payment date.

Those who tender after the consent date will receive the base tender payment of $1,007.25 per $1,000 principal amount.

The tender offer will end at 11:59 p.m. ET on Oct. 29.

The offer is conditioned on tenders from holders representing at least a majority of the outstanding notes, which is needed to execute the supplemental indenture amending the notes, and completion a capital markets offering with proceeds of at least $250 million, according to a company press release.

Bank of America Merrill Lynch (888 292-0070) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 269-6427) is the information agent.

The company is a Midland, Texas- based well site services company.

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