Basic Energy Services begins tender offer for 11 5/8% notes due 2014

By Angela McDaniels

Tacoma, Wash., Feb. 1 - Basic Energy Services, Inc. began a tender offer for its $225 million of 11 5/8% senior secured notes due 2014, according to a company news release.

The company is also soliciting noteholder consents to effect some amendments to the indenture governing the notes.

Holders will receive $1,161 per $1,000 principal amount of notes plus accrued interest. This price includes a consent payment of $30 for each note tendered with consents by 5 p.m. ET on Feb. 14.

The offer will expire at 9 a.m. ET on March 2.

The tender offer is conditioned on the receipt of tenders for at least a majority of the outstanding principal amount of notes and the completion of a capital markets transaction that generates at least $250 million of proceeds.

The dealer manager and solicitation agent is Bank of America Merrill Lynch (800 292-0700). The information agent is D.F. King & Co., Inc. (800 659-6590).

Basic Energy Services is based in Midland, Texas, and provides well site services to oil and gas companies.

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