Forbes Energy subsidiaries tender for $192.5 million of 11% notes

By Jennifer Chiou

New York, May 10 - Forbes Energy Services Ltd. subsidiaries Forbes Energy Services LLC and Forbes Energy Capital Inc. announced the launch of a cash tender offer for any and all of their $192.5 million of 11% senior secured notes due 2015.

The companies are also soliciting consents to amend the note indenture to eliminate most of the restrictive covenants and event of default provisions as well as modify the terms of any intercreditor agreement.

The issuers are offering $1,127.50 for each $1,000 principal amount of notes, including a consent payment of $30.00 for those who tender prior to 5 p.m. ET on May 20.

The Forbes companies are also paying accrued interest.

Those who tender their notes will be deemed to have delivered consents.

D. F. King & Co., Inc. is the information agent (800 290-6426). Jefferies & Co., Inc. is the dealer manager and solicitation agent (888 708-5831 or call collect 203 708-5831).

Forbes Energy Services is an Alice, Texas-based independent oilfield services company that provides drilling and production-related services to oil and natural gas companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.