Superior Energy Services gets tenders for 97.6% of 8 7/8% notes at consent deadline

By Jennifer Chiou

New York, May 19 - Superior Energy Services, Inc. announced that SESI, LLC, its wholly owned subsidiary, received tenders from holders of $195 million or $97.6 million of its 8 7/8% senior notes due 2011 by the consent deadline of 5 p.m. ET on May 18.

The company is soliciting consents to eliminate substantially all of the restrictive covenants and event of default provisions in the note indenture. Superior Energy Services said it will execute a supplemental indenture.

The offer expires at 5 p.m. ET on June 5, unless extended. It began on May 5.

Those who tendered by the consent deadline will receive $1,045.63 per $1,000 principal amount of notes. The payout includes a consent payment of $10.00.

As part of the tender transaction, Superior Energy Services on Wednesday priced a $300 million sale of new unsecured senior notes.

The tender offer is conditioned upon the receipt of consents from holders of a majority of notes and the completion of the new notes offering.

Following completion of the tender offer, the company said it intends to redeem any remaining notes at $1,044.38 per $1,000 principal amount.

D.F. King & Co., Inc. is the information agent (call collect 212 269-5550 or 888 887-0082).

The Bank of New York Trust Co., NA is the depositary agent (904 988-4718). Bear, Stearns & Co. Inc. is the dealer manager (877 696-BEAR).

Based in Harvey, La., Superior Energy Services provides specialized oilfield services and equipment.

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