U.S. Well Services gets needed consents for 14½% secured notes

By Jennifer Chiou

New York, Oct. 18 - U.S. Well Services, LLC and USW Financing Corp. obtained consents from holders of a majority of their 14½% senior secured notes due Feb. 15, 2017 to waive any past or existing events of default under the indenture resulting due to the recent sale of $46 million of the notes, according to an 8-K filing with the Securities and Exchange Commission.

The waiver applies to any additional issues of the notes.

The Houston-based oilfield services provider said it also received consent to amend the indenture to, among other things, eliminate the obligation to commence an excess cash offer in connection with the March 31, 2014 determination date and increase the amount of permitted debt and letters of credit under its credit facilities to $15 million.

U.S. Well Services said it additionally clarified that the collateral securing the notes includes hydraulic fracturing equipment attached to trailers subject to certificates of title.

© 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.