Forbes Energy Services Announces Closing of Private Placement of $20 Million of First Priority Notes
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Forbes Energy Services Announces Closing of Private Placement of $20 Million
of First Priority Notes
ALICE, Texas, Oct. 5 /PRNewswire-FirstCall/ -- Forbes Energy Services Ltd.
(TSX: FRB) (the "Company") announced today that on October 2, 2009 the Company
and its domestic subsidiaries completed the sale by the Company's
subsidiaries, Forbes Energy Services LLC and Forbes Energy Capital Inc., of
$20 million aggregate principal amount of first lien floating rate notes to
Goldman, Sachs & Co. in a private placement in reliance on an exemption from
registration under the Securities Act of 1933, as amended. The Company used
the net proceeds from this issuance to repay outstanding indebtedness under
and terminate its existing revolving credit facility.
About the Company
Forbes Energy Services Ltd. is an independent oilfield services contractor
that provides a broad range of drilling-related and production-related
services to oil and natural gas companies, primarily onshore in Texas,
Mississippi and Mexico.
Contacts: Forbes Energy Services Ltd.
L. Melvin Cooper, SVP & CFO
361-664-0549
DRG&E
Ken Dennard, Managing Partner
Ben Burnham, AVP
713-529-6600
SOURCE Forbes Energy Services Ltd.
L. Melvin Cooper, SVP & CFO of Forbes Energy Services Ltd., +1-361-664-0549;
or Ken Dennard, Managing Partner, Ben Burnham, AVP, both of DRG&E,
+1-713-529-6600, for Forbes Energy Services Ltd.
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