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Superior Energy Services Announces Further Extension of Early Participation Date and Extension of Expiration Time for Exchange Offer and Consent Solicitation for Senior Notes of SESI, L.L.C.
Superior Energy Services Announces Further Extension of Early Participation Date and Extension of Expiration Time 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. 22, 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 (i) further 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, and (ii) extend the expiration time for the Exchange Offer, in each case, 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 (as amended by the press release dated January 16, 2020, the “Offering Memorandum and Consent Solicitation Statement”). The early participation date of the Exchange Offer has been further extended from 5:00 p.m., New York City time, on January 22, 2020, to 5:00 p.m., New York City time, on January 29, 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the Original Notes upon the terms and subject to the conditions set forth in the Offering Memorandum) may be validly withdrawn (the “withdrawal deadline”) at or prior to the earlier of (i) the Early Participation Date (as extended) and (ii) the date on which holders of at least a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 supplemental indenture related to the Proposed Amendment is executed. The withdrawal deadline has not occurred as of the date hereof. As of 5:00 p.m., New York City time, on January 21, 2020, 2.75% of the aggregate principal amount of Original Notes ...