Superior Energy to redeem notes, pay down revolver with note proceeds

By Toni Weeks

San Diego, April 20 - Superior Energy Services, Inc. said in a press release that its wholly owned subsidiary, SESI, LLC, intends to use the net proceeds of its planned offering of $400 million of senior unsecured notes due 2019, along with available cash, to redeem all of its senior exchangeable notes due 2026 and pay down all borrowings under its revolving senior credit facility.

The redemption will occur on Dec. 15, 2011.

Superior said that the remaining net proceeds will be invested in one or more funds that invest in U.S. government-backed securities until the exchangeable notes are redeemed.

Superior Energy is a New Orleans-based provider of oilfield services and equipment.

© 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.