This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Quicksilver Resources Inc. Commences Consent Solicitation For Its 9 1/8% Senior Notes Due 2019

FORT WORTH, Texas, May 23, 2013 (GLOBE NEWSWIRE) -- Quicksilver Resources Inc. (" Quicksilver") (NYSE:KWK) today announced the commencement of a solicitation (the " Solicitation") of consents (the " Consents") upon the terms and subject to the conditions set forth in a Consent Solicitation Statement (as it may be amended or supplemented from time to time, the " Statement") and the accompanying Form of Consent (the " Consent Form"), each dated as of May 23, 2013, to certain proposed amendments (the " Proposed Amendments") to the indenture, dated as of December 22, 2005, among Quicksilver, the subsidiary guarantors party thereto (the " Guarantors") and The Bank of New York Mellon Trust Company, N.A. (as successor in interest to JPMorgan Chase Bank, National Association), as trustee (the " Trustee"), as supplemented by an Eighth Supplemental Indenture dated as of August 14, 2009, a Twelfth Supplemental Indenture dated as of December 23, 2011, a Sixteenth Supplemental Indenture, dated as of February 28, 2012 and a Twentieth Supplemental Indenture dated as of June 13, 2012 (the indenture as so supplemented, the " Indenture"), governing its 9 1/8% Senior Notes due 2019 (the " 2019 Senior Notes"). The Proposed Amendments would amend the Indenture to permit Quicksilver to refinance its 7 1/8% Senior Subordinated Notes due 2016 (the " 2016 Subordinated Notes"), its 11 3/4% Senior Notes due 2016 and its 8 1/4% Senior Notes due 2015 by incurring indebtedness that ranks equally in right of payment to, but with longer maturities than, the 2019 Senior Notes, to permit any such refinancing of the 2016 Subordinated Notes prior to their maturity to be excluded from the covenant regarding limitation on restricted payments in the Indenture and to give Quicksilver greater flexibility to incur secured and unsecured indebtedness pursuant to offerings of debt securities in connection with such refinancing or otherwise. The Proposed Amendments will be effected by a supplemental indenture to the Indenture that is described in more detail in the Statement.

The Solicitation will expire at 5:00 p.m., Eastern Time, on June 6, 2013, unless otherwise extended or earlier terminated (such time and date, as the same may be extended or earlier terminated, the " Expiration Time"). The Solicitation is subject to customary conditions, including, among other things, the receipt of valid Consents (which Consents have not been validly revoked) with respect to a majority in aggregate principal amount of the outstanding 2019 Senior Notes (the " Requisite Consents") prior to the Expiration Time. 

Quicksilver will pay to each holder of record of Notes as of 5:00 p.m., Eastern Time, on May 22, 2013 (each such holder, a " Holder"), who has delivered (and has not validly revoked) a valid Consent in respect of such 2019 Senior Notes, $40.00 in cash for each $1,000 principal amount of such 2019 Senior Notes in respect of which a valid Consent was so delivered (and was not validly revoked) (the " Consent Fee") if the conditions set forth in the Statement have been satisfied or, where possible, waived. Holders of 2019 Senior Notes who deliver Consents but validly revoke their Consent in accordance with the Statement or who deliver Consents after the Expiration Time, will not receive a Consent Fee. Quicksilver expects to pay the Consent Fee on June 21, 2013, assuming the Expiration Time is not extended. If the Expiration Time is extended, Quicksilver will announce the new payment date in the public announcement which announces the new Expiration Time.

Holders may revoke Consents at any time prior to the earlier of (1) the Expiration Time or (2) the date on which the supplemental indenture effecting the Proposed Amendments is executed, which is expected to be promptly following the receipt of the Requisite Consents.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs