Horsepower's $275 million note offering withdrawn as merger rejected

By Paul A. Harris

St. Louis, July 15 - The Horsepower Holdings, Inc. $275 million offering of 10-year senior notes was withdrawn from the market on Tuesday following the decision on the part of Grey Wolf, Inc. shareholders not to go forward with a merger.

Earlier in July the planned $2.9 billion merger of Basic Energy Services, Inc. with and into Grey Wolf came under criticism, causing the deal to be delayed pending Tuesday's shareholder vote.

UBS Investment Bank and Goldman Sachs & Co. had been running the bond offering.

Grey Wolf is a Houston-based provider of contract drilling and well site services to the U.S. upstream oil and gas sector.

© 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.