Complete Production Services Announces Commencement of Private Placement of $600 Million of Senior Notes.HOUSTON -- Complete Production Services, Inc. (NYSE NYSE See: New York Stock Exchange :CPX CPX Command Post Exercise CPX Culebra Puerto Rico (airport code) CPX Cleft Palate, X-Linked CPX Corel Painter X CPX Compare with X (6502 processor instruction) CPX Command Post/Paper Exercise ) announced today that it has commenced a private placement of $600 million of Senior Notes due 2016. The notes will be offered and sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. only to qualified institutional buyers pursuant to Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. under the Securities Act of 1933, as amended (the "Securities Act"), and in offshore transactions to non-United States persons in reliance on Regulation S under the Securities Act. Complete intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the proposed offering to retire the outstanding balance of approximately $416 million of Term B Loans under its secured credit facility, to repay approximately $30 million of term loans assumed in connection with the acquisition of Pumpco Services, and to repay a portion of its borrowings under its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility totaling approximately $143 million. The notes have not been registered under the Securities Act or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This announcement does not constitute an offer to sell or the solicitation of an offer to buy the notes. This press release contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events based on assumptions and estimations that management believes are reasonable given currently available information. Forward-looking statements in this press release relate to, among other things, the closing of the private placement and the use of proceeds therefrom. Information on risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements is available in Complete's filings with the Securities and Exchange Commission. |
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