Basic Energy Up 1%; Commences Private Offering of 7.125% Senior Notes Due 2016

By Staff,

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Basic Energy Services, Inc. ( BAS ), a well site services company, is up 1.3% at $11.36 this morning after it commenced an offering, through a Rule 144A private placement, of up to $250 million of Senior Notes due 2022.

BAS intends to use the net proceeds from the proposed offering to fund its pending tender offer and consent solicitation for its existing 7.125% Senior Notes due in 2016 and to redeem any of the Senior Notes not purchased in the tender offer, and the remainder for general corporate purposes.

BAS trades in a 52-week range of $8.52 - $23.41. Shares have fallen 20% in the last 12 months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: BAS

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