Superior Energy Services tenders for any and all 8 7/8% notes

By Jennifer Chiou

New York, May 5 - Superior Energy Services, Inc. announced that SESI, LLC, its wholly owned subsidiary, began a cash tender offer and consent solicitation for any and all of its 8 7/8% senior notes due 2011.

The company is soliciting consents to eliminate substantially all of the restrictive covenants and event of default provisions in the note indenture. The consent deadline is 5 p.m. ET on May 18.

The offer expires at 5 p.m. ET on June 5, unless extended.

Those who tender by the consent deadline will receive $1,045.63 per $1,000 principal amount of notes. The payout includes a consent payment of $10.00.

As part of the tender transaction, Superior Energy Services said it expects to complete a private placement of new unsecured senior notes.

The tender offer is conditioned upon the receipt of consents from holders of a majority of notes and the completion of the new notes offering.

D.F. King & Co., Inc. is the information agent (call collect 212 269-5550 or 888 887-0082).

The Bank of New York Trust Co., NA is the depositary agent (904 988-4718). Bear, Stearns & Co. Inc. is the dealer manager (877 696-BEAR).

Based in Harvey, La., Superior Energy Services provides specialized oilfield services and equipment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.