Forbes Energy repays loan with $51.77 million 5% convertible PIK notes

By Wendy Van Sickle

Columbus, Ohio, March 8 – Forbes Energy Services Ltd. used proceeds from an offering to repay the company’s bridge loan, which accrued at a rate of 14%, consisting of 5% cash interest and 9% PIK interest.

The company issued $51,767,900 of 5% subordinated convertible PIK notes due June 30, 2020 on March 4, according to an 8-K filing with the Securities and Exchange Commission.

Wilmington Trust, NA was the agent.

Forbes Energy is an independent oilfield services contractor based in Houston. Cretic is a Montgomery, Texas-based provider of large-diameter, extended-reach, coiled tubing services to oil and gas producers predominantly in the Permian Basin.

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