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Quicksilver Resources Inc. (NYSE:KWK) today announced the commencement of an exchange offer for its outstanding 11.000% Senior Notes due 2021.
Quicksilver originally issued an aggregate principal amount of $325 million of the old notes, which form a single series, in a private offering on June 21, 2013.
In connection with the sale of the old notes, Quicksilver entered into a registration rights agreement in which it undertook to offer to exchange the old notes for new notes registered under the Securities Act of 1933, as amended.
Pursuant to an effective registration statement on Form S-4, filed with the Securities and Exchange Commission (the “SEC”), holders of the old notes will be able to exchange the old notes for new notes in an equal principal amount. The new notes are substantially identical to the old notes, except that the new notes have been registered under the Securities Act and will not bear any legend restricting transfer.
The registration rights and additional interest provisions pertaining to old note holders will also not apply to the new notes.
The exchange offer will expire at 5:00 p.m., New York City time, on May 30, 2014, unless extended or terminated. Tenders of old notes must be made before the exchange offer expires and may be withdrawn any time prior to expiration of the exchange offer.
