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Key Energy to pay down revolver from possible note offering
By Sara Rosenberg
New York, May 7 - Key Energy Services Inc. intends to use proceeds from a possible offering of $150 million senior unsecured notes due 2013 to fully pay down its revolver debt, with remaining proceeds earmarked for general corporate purposes, including the eventual retirement of its 14% senior subordinated notes due 2009 and other existing debt.
The Midland, Tex. onshore well service company is currently evaluating the market and likely pricing for the notes in order to determine whether the offering will occur.
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