Basic Energy Services Announces Private Offering of $175M of Additional Senior Notes

Basic Energy Services, Inc. BAS announced today that it has commenced an offering, through a Rule 144A private placement, of up to $175 million of its 7 3/4% Senior Notes due 2019. The notes are being offered as additional notes under the indenture pursuant to which Basic issued $275 million aggregate principal amount of notes on February 15, 2011. These notes are identical to and will be treated together with the previously issued notes as a single class of debt securities under the indenture governing the notes and will trade as a single class. Basic intends to use the net proceeds from the offering to fund a portion of the $180 million purchase price for the previously announced Maverick Companies Acquisition.