Forbes Energy Services Ltd., Alice, Texas, (Toronto: FRB) and subsidiaries Forbes Energy Services LLC and Forbes Energy Capital Inc. have commenced a cash tender offer to purchase any and all of their outstanding $192.5 million aggregate principal amount of 11% senior secured notes due 2015.
The issuers are offering to acquire the notes for total consideration of $1,127.50 for each $1,000 principal amount of notes, on the terms and subject to the conditions set forth in the statement. The total consideration is comprised of the purchase price of $1,097.50 for each $1,000 principal amount of the notes plus a consent payment of $30 for each $1,000 principal amount of the notes.
Jefferies & Company Inc. is the dealer manager and solicitation agent.
Forbes Energy Services is an independent oilfield services contractor that provides a broad range of drilling-related and production-related services in Texas, Mississippi, Pennsylvania and Mexico.
Recommended Reading
JMR Services, A-Plus P&A to Merge Companies
2024-03-05 - The combined organization will operate under JMR Services and aims to become the largest pure-play plug and abandonment company in the nation.
New Fortress Energy Sells Two Power Plants to Puerto Rico
2024-03-18 - New Fortress Energy sold two power plants to the Puerto Rico Electric Power Authority to provide cleaner and lower cost energy to the island.
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
SilverBow Rejects Kimmeridge’s Latest Offer, ‘Sets the Record Straight’
2024-03-28 - In a letter to SilverBow shareholders, the E&P said Kimmeridge’s offer “substantially undervalues SilverBow” and that Kimmeridge’s own South Texas gas asset values are “overstated.”
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.