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FTS International increases tender payment for 7 1/8% notes to 110.75
By Angela McDaniels
Tacoma, Wash., Oct. 24 - FTS International, Inc. subsidiary FTS International Services, LLC increased the payment on offer in its tender offer for the $300,007,000 of outstanding 7 1/8% senior notes due 2018 issued by FTSI Services (formerly Frac Tech Services, LLC) and FTS International Bonds, Inc. (formerly Frac Tech Finance, Inc.), according to a company news release.
Holders will receive $1,107.50 - increased from $1,090.00 - per $1,000 principal amount of notes tendered. This payment includes a premium of $30.00 for each note tendered by 5 p.m. ET on Oct. 29, the early tender time.
The company also will pay accrued interest up to but excluding the settlement date.
The tender offer began Oct. 16 and will end at 11:59 p.m. ET on Nov. 13.
The company also is soliciting consents to amend the note terms to eliminate substantially all of the restrictive covenants and some events of default.
The proposed amendments require written consents from holders of at least a majority of the outstanding notes, excluding any notes owned by FTS International Services, FTS International Bonds or any of their affiliates.
Holders who tender their notes must consent to the proposed amendments. FTS International Services is seeking consents to all of the proposed amendments as a single proposal. No separate consent payment or fee will be paid to holders in the consent solicitation.
The tender offer is not conditioned on any minimum amount of notes being tendered or the receipt of the majority consents.
Wells Fargo Securities, LLC (866 309-6316 or 704 410-4760) is the dealer manager. Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 866 470-3800 for all others) is the depositary and information agent.
FTS International provides well-completion services to the oil and gas industry and is based in Fort Worth, Texas.
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