MIDLAND, Texas, July 22 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) announced today that it has commenced an offering, through a Rule 144A private placement, of up to $225 million of Senior Secured Notes due 2014. Basic Energy Services intends to use the net proceeds from the proposed offering, together with cash on hand if necessary, to repay all outstanding indebtedness under its revolving credit facility.
The notes are being offered inside the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.
The notes have not been registered under the Securities Act or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the notes.
This press release contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events based on assumptions and estimations that management believes are reasonable given currently available information. Forward-looking statements in this press release relate to, among other things, the closing of the offering and the use of proceeds therefrom. Information on risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements is available in Basic Energy Services' filings with the Securities and Exchange Commission.
Contacts: Alan Krenek, Chief Financial Officer
Basic Energy Services, Inc.
432-620-5510
Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600
SOURCE Basic Energy Services, Inc.
