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Quicksilver Resources Inc. Launches $600 Million Second Priority Senior Secured Term Loan

Stocks in this article: KWK

FORT WORTH, Texas, May 23, 2013 (GLOBE NEWSWIRE) -- Quicksilver Resources Inc. (" Quicksilver") (NYSE:KWK) announced today that it is launching a loan syndication for a new $600 million senior secured second priority term loan facility maturing in 2019 (the "Second Priority Term Loan Facility"). There can be no assurance Quicksilver will receive commitments for the $600 million of the Second Priority Term Loan Facility or as to the terms of such facility. In addition, the closing of the Second Priority Term Loan Facility will be subject to customary conditions and there can be no assurance that the closing of the Second Priority Term Loan Facility will occur.

Quicksilver also separately announced a cash tender offer and consent solicitation (the "Tender Offer") for the purchase of any and all of its outstanding 8 1/4% Senior Notes due 2015, 11 3/4% Senior Notes due 2016 and its 7 1/8% Senior Subordinated Notes due 2016 (collectively, the "Notes") and to amend the indentures related to each series of Notes to eliminate substantially all of the restrictive covenants and certain events of default contained in the indentures. The Tender Offer is subject to the satisfaction or waiver of a number of conditions, including the completion of one or more debt financing transactions in an amount which is sufficient to purchase the Notes tendered and pay the related consent payments, if any, and fees and expenses in connection therewith. In addition, Quicksilver announced a solicitation of consents (the "Solicitation") to certain proposed amendments to the indenture related to its 9 1/8% Senior Notes due 2019 (the "2019 Senior Notes"), to permit Quicksilver to consummate the Tender Offer with respect to the Notes by incurring debt that ranks equal in priority to, but with a longer maturity than, the 2019 Senior Notes, to permit any such refinancing to be excluded from the limitation on restricted payments covenant in such indenture and to give Quicksilver flexibility to incur secured and unsecured indebtedness pursuant to offerings of debt securities.

If consummated, the proceeds of the Second Priority Term Loan Facility are expected to be used, together with any other debt financing transactions Quicksilver may undertake, to purchase the Notes tendered in the Tender Offer and pay the related consent payments, if any, and fees and expenses in connection therewith. Quicksilver is currently contemplating an offering of senior unsecured notes in an aggregate principal amount up to $675 million and an offering of senior second priority secured notes in an aggregate principal amount up to $200 million, subject to market conditions, in addition to the Second Priority Term Loan Facility. There can be no assurance that Quicksilver will be able to complete any offering of notes.

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