Complete Production Services Announces Pricing of $650 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 priced a private offering of $650 million of 8.000% Senior Notes due 2016. Complete expects to close the sale of the notes on December 6, 2006, subject to satisfaction of customary closing conditions. Complete intends to use 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). from the sale of the notes to retire the outstanding balance of approximately $415.8 million under its existing bank term loan, to retire outstanding indebtedness of approximately $30.3 million it assumed in connection with its recent acquisition of Pumpco Services, Inc. and to repay approximately $191.9 of the outstanding borrowings under its existing 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. The notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws and, unless so registered, may not be offered or 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. except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the notes nor shall there be any sale of the notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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 there·from adv. From that place, time, or thing. Adv. 1. therefrom - from that circumstance or source; "atomic formulas and all compounds thence constructible"- W.V. . 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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