Attached files
file | filename |
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8-K - FORM 8-K - BASIC ENERGY SERVICES, INC. | h79488e8vk.htm |
EX-10.1 - EX-10.1 - BASIC ENERGY SERVICES, INC. | h79488exv10w1.htm |
Exhibit 99.1
NEWS RELEASE |
FOR IMMEDIATE RELEASE
|
Contacts: | Alan Krenek, Chief Financial Officer | ||
Basic Energy Services, Inc. | ||||
432-620-5510 | ||||
Jack Lascar/Sheila Stuewe | ||||
DRG&L / 713-529-6600 |
BASIC ENERGY SERVICES, INC. PRICES PRIVATE OFFERING OF SENIOR NOTES
MIDLAND, Texas February 3, 2011 Basic Energy Services, Inc. (NYSE: BAS) announced today that
it has priced an upsized private offering of $275 million of Senior Notes due 2019, which will bear
interest at a rate of 7.750% per annum, increased from the previously announced amount of $250
million. The notes are being sold at 100.000% of their face amount. Basic Energy Services expects
to close the sale of the notes on February 15, 2011, subject to the satisfaction of customary
closing conditions. Basic Energy Services intends to use the net proceeds from the offering, after
discounts and estimated offering expenses, to fund its pending tender offer and consent
solicitation for its existing 11.625% Senior Secured Notes due 2014 (Senior Secured Notes) and to
redeem any of the Senior Secured Notes not purchased in the tender offer, and the remainder for
general corporate purposes.
The notes have not been registered under the Securities Act of 1933, as amended (the Securities
Act), or applicable state securities laws and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration requirements of the Securities
Act and applicable state laws. This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy the notes.
This press release contains forward-looking statements. Forward-looking statements give our current
expectations or forecasts of future events based on assumptions and estimations that management
believes are reasonable given currently available information. Forward-looking statements in this
press release relate to, among other things, the closing of the offering and the use of proceeds
therefrom. Information on risks and uncertainties that could cause actual results to differ
materially from those contemplated by the forward-looking statements is available in Basic Energy
Services filings with the Securities and Exchange Commission.
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