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FloWorks extends exchange offer for 8¾% notes due 2019 to Monday
New York, Aug. 25 – FloWorks International LLC and wholly owned subsidiary Shale-Inland Finance Co. announced a further one business day extension to their offer to exchange all of their outstanding $220.9 million 8¾% senior secured notes due 2019 for loans and common units or cash.
The expiration is now 5 p.m. ET on Aug. 28, pushed back from 5 p.m. ET on Aug. 25 and before that from 5 p.m. ET on Aug. 23 and 5 p.m. ET on Aug. 22.
As of the old expiration date, holders had tendered $179,805,000, or 81.39%, of the notes, unchanged from previous reports going back to 3 p.m. ET on Aug. 22.
In the exchange, which began on July 25, the company is offering to exchange the notes for either (a) a pro rata interest in new senior secured term loans and a pro rata share of about 78% of class A common units of FloWorks Holdings, LLC, a newly formed Delaware limited liability company that will indirectly wholly own all of the outstanding equity interests of the two issuers or (b) $450 in cash per $1,000 principal amount of notes.
Prime Clerk LLC (844 858-8887 or 646 757-8472) is the information and exchange agent.
FloWorks is a Houston-based supplier of pipes, valves, fittings and related products to the energy and industrial sectors.
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