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GMX RESOURCES INC. Announces Preliminary Results Of Its Tender Offers For Its 5.00% Senior Convertible Notes Due 2013 And Its 4.50% Senior Convertible Notes Due 2015 And Extends Expiration Date

Stocks in this article: GMXR

OKLAHOMA CITY, Sept. 7, 2012 (GLOBE NEWSWIRE) -- GMX RESOURCES INC ., (NYSE:GMXR); today announced that it had received, as of immediately after 11:59 p.m., Eastern Time, on September 6, 2012 tenders from the holders of approximately $24.8 million in aggregate principal amount, or approximately 48%, of its outstanding 5.00% Senior Convertible Notes due 2013 (the "2013 Notes") and approximately $36.9 million in aggregate principal amount, or approximately 43%, of its outstanding 4.50% Senior Convertible Notes due 2015 (the "2015 Notes" and, together with the 2013 Notes, the "Convertible Notes") in connection with its previously announced exchange offers for the Convertible Notes, which commenced on August 9, 2012. Holders tendering 2013 Notes will receive new Senior Secured Second-Priority Notes due 2018 (the "New Notes") and shares of the Company's common stock. Holders tendering 2015 Notes will receive New Notes.

GMXR has extended the "Expiration Date" for the exchange offers to 5:00 p.m., Eastern Time, on Monday, September 10, 2012 in order to allow additional time for the SEC to complete the qualification of the indenture governing the New Notes under the Trust Indenture Act.

Based on the current amount of Convertible Notes tendered to date and notwithstanding the Company's minimum tender condition, the Company intends to accept all such notes that remain validly tendered and not validly withdrawn, subject to satisfaction or waiver of the other conditions of the exchange offers.

Any Convertible Notes not tendered and purchased pursuant to the exchange offers will remain outstanding.

The securities to be offered in the exchange offers have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act"), 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 securities laws. The Company has relied on Section 3(a)(9) of the Securities Act to exempt the exchange offers from the registration requirements of the Securities Act.

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