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Superior Energy Services Announces Extension of Early Participation Date for Exchange Offer and Consent Solicitation for Senior Notes of SESI, L.L.C.
Superior Energy Services Announces Extension of Early Participation Date for Exchange Offer and Consent Solicitation for Senior Notes of SESI, L.L.C..
About this update from Forbes Energy Services Ltd
[{"type":"text","content":"\n HOUSTON, Jan. 16, 2020 (GLOBE NEWSWIRE) -- Superior Energy Services, Inc. (“Superior Energy”) (NYSE: SPN) today announced that its wholly owned subsidiary, SESI, L.L.C. (“SESI” or the “Issuer”), has elected to extend the early participation date for its previously announced offer to exchange (the “Exchange Offer”) up to $500 million of its $800 million aggregate principal amount of outstanding 7.125% Senior Notes due 2021 (the “Original Notes”) for up to $500 million (the “Exchange Offer Maximum Amount”) of newly issued 7.125% Senior Notes due 2021 (the “New Notes”) and cash, upon the terms and subject to the conditions set forth in SESI’s offering memorandum and consent solicitation statement, dated as of January 6, 2020 (the “Offering Memorandum and Consent Solicitation Statement”). The early participation date of the Exchange Offer has been extended from 5:00 p.m., New York City time, on January 17, 2020, to 5:00 p.m., New York City time, on January 22, 2020 (as the same may be further extended, the “Early Participation Date”). Tenders of Original Notes made pursuant to the Exchange Offer (and related consents delivered pursuant to SESI’s related solicitation of consents (the “Consent Solicitation”) from eligible holders of the Original Notes to amend (the “Proposed Amendment”) the liens covenant in the indenture dated December 6, 2011, governing the Original Notes upon the terms and subject to the conditions set forth in the Offering Memorandum) may be validly withdrawn (the “withdrawal deadline”) at or prior to the earlier of (i) the Early Participation Date (as extended) and (ii) the date on which holders of at least a majority of the aggregate principal amount of the Original Notes outstanding consent to the Proposed Amendment (the “Requisite Consents”) and the Proposed Amendment is executed. The withdrawal deadline has not occurred as of the date hereof. Except as described in this press release, all other terms of the Exchange Offer and Consent Solicitation remain unchanged. The Exchange Offer and Consent Solicitation is being conducted in connection with Superior Energy’s previously announced entry into a definitive agreement to divest...