Attached files
file | filename |
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8-K - FORM 8-K - BASIC ENERGY SERVICES, INC. | h82954e8vk.htm |
EX-99.1 - EX-99.1 - BASIC ENERGY SERVICES, INC. | h82954exv99w1.htm |
EX-10.1 - EX-10.1 - BASIC ENERGY SERVICES, INC. | h82954exv10w1.htm |
Exhibit 99.2
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 PRICES PRIVATE OFFERING OF ADDITIONAL SENIOR NOTES
MIDLAND, Texas June 8, 2011 Basic Energy Services, Inc. (NYSE: BAS) (Basic) announced today
that it has priced an upsized private offering of $200 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 $175
million. The notes are being offered as additional notes under the indenture pursuant to which
Basic issued $275 million aggregate principal amount of notes on February 15, 2011. These notes are
identical to and will be treated together with the previously issued notes as a single class of
debt securities under the indenture governing the notes and will trade as a single class. The
notes are being sold at 101.000% of their face amount, plus accrued interest from February 15,
2011. Basic expects to close the sale of the notes on June 13, 2011, subject to the satisfaction of
customary closing conditions. Basic intends to use the net proceeds from the offering to fund the
$180 million purchase price for the previously announced Maverick Companies Acquisition and for
general corporate purposes. In the event that the Maverick Companies Acquisition is not
consummated, we will use a substantial portion of the net proceeds of this offering to redeem a
portion of our 7.125% Senior Notes due 2016. Pending such uses, the estimated net proceeds from
this offering will increase our cash and cash equivalents, and we may use such net proceeds for
general corporate purposes.
The notes have not been and will not be registered under 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
Basics filings with the Securities and Exchange Commission.
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