FORT WORTH, Texas, March 7, 2018 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic" or the "Company") today
announced that it has decided not to proceed with the previously
announced offering of $300 million of
senior secured notes.
The Company approached the market as an opportunistic means to
refinance its existing indebtedness under the Amended and Restated
Term Loan Agreement for $165 million
due in 2021, however, the Company has concluded that current rate
and structure available in the market lacked the flexibility to be
sufficiently attractive for Basic to move forward. The company is
comfortable that it has sufficient financial resources, and will
continue to monitor the markets for terms that are more flexible to
refinance its current term loan in the
future.
As previously announced, Basic is continuing to engage in
advanced conversations with lenders to secure a new, up-to
$150 million 5-year revolving credit
facility secured by accounts receivable, inventory and certain
related assets (the "New ABL Facility"). In the event the New ABL
Facility becomes effective, the New ABL Facility will replace the
existing $120 million asset-based
credit facility.
About Basic Energy Services
Basic Energy Services provides well site services essential to
maintaining production from the oil and gas wells within its
operating area. The Company employs more than 4,100 employees in
more than 100 service points throughout the major oil and gas
producing regions in Texas,
New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North
Dakota, California and the
Rocky Mountain and Appalachian regions. Additional information on
Basic Energy Services is available on the Company's website at
www.basicenergyservices.com.
Safe Harbor Statement
This press release includes certain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to qualify for the "safe harbor" from
liability established by the Private Securities Litigation Reform
Act of 1995. All statements other than statements of historical
fact are forward-looking statements. Additionally, forward-looking
statements are subject to certain risks, trends, and uncertainties.
Basic cannot provide assurances that the assumptions upon which
these forward-looking statements are based will prove to have been
correct. Should one of these risks materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those expressed or implied in any forward-looking
statements, and investors are cautioned not to place undue reliance
on these forward-looking statements, which are current only as of
this date. Basic does not intend to update or revise any
forward-looking statements made herein or any other forward-looking
statements as a result of new information, future events or
otherwise except as required by law. The Company further expressly
disclaims any written or oral statements made by a third party
regarding the subject matter of this press release. Additional
important risk factors that could cause actual results to differ
materially from expectations are disclosed in Item 1A of Basic's
Form 10-K for the year ended December 31,
2017 filed with the U.S. Securities and Exchange
Commission.
Contacts:
|
Trey
Stolz,
|
|
VP Investor
Relations
|
|
Basic Energy
Services, Inc.
|
|
817-334-4100
|
|
|
|
Jack Lascar / Kaitlin
Ross
|
|
Dennard Lascar
Investor Relations
|
|
713-529-6600
|
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SOURCE Basic Energy Services, Inc.