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OMNI Energy plans to use new debt for acquisition by Wellspring
By Sara Rosenberg
New York, June 4 - OMNI Energy Services Corp. has received a debt financing commitment letter to help fund its buyout by Wellspring Capital Management LLC, according to an 8-K filed with the Securities and Exchange Commission on Friday.
Ableco LLC provided the debt commitment.
Under the agreement, Wellspring is buying OMNI for $2.75 per share in cash. The total value of the transaction is about $122 million, including assumption of debt.
Completion of the transaction is expected in the second half of 2010, subject to approval by OMNI's shareholders, regulatory approvals and customary closing conditions. The transaction is not subject to a financing condition.
There is a go-shop period until July 16.
OMNI is a Carencro, La.-based provider of environmental services and seismic services to the domestic oil and gas industry.
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