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United States : SEVENTY SEVEN ENERGY announced its renewed support deal for term loans.

The Oklahoma-based Seventy Seven Energy Inc. on Friday has made an announcement on its settlement of the second revised and rephrased streamlining support agreement relating to term loans.

The company, which delivers drilling, pressure-pumping, oilfield rental tools and trucking services, has stated that a few of the lenders indicate the full outstanding principal amount as part of the incremental term supplement for the Tranche A loan.

Some lenders signify almost 86% of the outstanding principal amount of loans as part of the term loan credit pact worth $400 Million from June 25, 2014.

Several noteholders have holding or control over around 63% of the outstanding principal amount of the 6.625% senior unsecured notes scheduled for 2019, while some noteholders have holding or control over above 50% of the principal amount of the 6.50% senior unsecured notes scheduled for 2022.

With the settlement of the second support agreement, the earlier revised and rephrased agreement dated May 3, 2016, has become invalid, according to the Oklahoma-based business.

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Publication:Mena Report
Date:May 16, 2016
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