Superior Energy Services Announces Agreement In Principle With Ad Hoc Group Of Bondholders In Connection With Exchange Offer And Consent Solicitation For Senior Notes Of SESI, L.L.C.
SUPERIOR ENERGY SERVICES INC (SPN)
Last superior energy services inc earnings: 2/19 04:15 pm
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US:NYSE Investor Relations:
ir.superiorenergy.com
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Source: PR Newswire
HOUSTON, Jan. 27, 2020 /PRNewswire/ -- Superior Energy Services, Inc. ("Superior Energy") (NYSE: SPN) today announced that its wholly owned subsidiary, SESI, L.L.C. ("SESI" or the "Issuer"), has reached an agreement in principle with a steering committee (the "Steering Committee") of holders of 34.210% of SESI's $800 million aggregate principal amount of outstanding 7.125% Senior Notes due 2021 (the "Original Notes"). The Steering Committee is also working together with other noteholders (collectively with the Steering Committee, the "Ad Hoc Group") and the Ad Hoc Group owns 61.369% of the aggregate principal amount of outstanding Original Notes. SESI has agreed to amend certain terms of its previously announced offer to exchange up to $500 million of the Original Notes for up to $500 million of newly issued 7.125% Senior Notes due 2021 (the "New Notes") and cash (as to be amended as described below, the "Exchange Offer"), upon the terms and subject to the conditions set forth in SESI
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