Basic Energy intends to sell $250 million 10-year notes

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Oct. 1 - Basic Energy Services Inc. plans to price a $250 million offering of senior notes due 2022 (existing ratings B2/B+), according to a market source.

Bank of America Merrill Lynch, Goldman Sachs & Co. and Wells Fargo Securities LLC are the joint bookrunners for the Rule 144A with registration rights transaction.

Capital One Southcoast is a senior co-manager, while Comerica and Iberia are co-managers.

The notes are non-callable for five years and carry a 101% poison put.

The Midland, Texas- based well site services company plans to use proceeds from the offering to fund a tender offer for its 7 1/8% senior notes due 2016 and for general corporate purposes.

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