Superior Energy Services to sell new notes to fund $200 million tender

By Paul A. Harris

St. Louis, May 5 - Superior Energy Services, Inc. plans to sell new senior unsecured notes in an amount sufficient to fund its tender for $200 million of its outstanding 8 7/8% notes due 2011, according to a company source.

The notes would be issued via SESI, LLC, a wholly owned subsidiary of the company.

The source added that the deal is likely to come to market before the consent solicitation for the tender offer expires on May 18.

Bear Stearns & Co. is the dealer manager for the tender.

The source declined to say whether Bear Stearns would be the bookrunner for the offering of new notes, and added that the structure and tenor of the new notes, which will be sold via Rule 144A, remains to be determined.

Superior Energy Services is a Harvey, La.-based provider of specialized oilfield services and equipment focused on serving the production-related needs of oil and gas companies primarily in the Gulf of Mexico and the drilling-related needs of oil and gas companies in the Gulf of Mexico and select international market areas.

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