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Basic Energy Services Prices Upsized Private Offering Of Senior Notes

FORT WORTH, Texas, Oct. 1, 2012 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") announced today that it has priced an upsized private offering of $300 million of Senior Notes due 2022, which will bear interest at a rate of 7.750% per annum. The notes are being sold at 100.000% of their face amount. Basic expects the offering of the notes to close on October 16, 2012, subject to the satisfaction of customary closing conditions. Basic 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 7.125% Senior Notes due 2016 (the "2016 Notes") and to redeem any of the 2016 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. Basic is offering the notes only to (1) qualified institutional buyers as defined in Rule 144A under the Securities Act and (2) outside the United States to non-U.S. persons in transactions pursuant to Regulation S under the Securities Act. 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's filings with the Securities and Exchange Commission.

Stock quotes in this article: BAS 

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