Quicksilver holders exercise put for 99.9% of 1.875% convertibles

By Tali David

Minneapolis, Nov. 2 - Quicksilver Resources Inc. announced that the holders of 99.9% of the $150 million of its 1.875% convertible subordinated debentures due 2024 exercised the option to require Quicksilver to repurchase their notes on Nov. 1, according to an 8-K filing with the Securities and Exchange Commission.

The put price is par plus accrued interest, including contingent interest, if applicable, up to but excluding the repurchase date.

The repurchase price of $149.98 million was paid Nov. 1 and funded with borrowings under Quicksilver's U.S. senior secured revolving credit facility.

Quicksilver Resources is a Fort Worth-based independent oil and gas company.

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