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Subsequent Events
9 Months Ended
Sep. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events

14. Subsequent Events

Tender Offer for 2016 Notes

On October 1, 2012, Basic announced a cash tender offer and consent solicitation with respect to any and all of the $225.0 million aggregate outstanding principal amount of its 2016 Notes. On October 16, 2012, Basic closed on the consent solicitation and early tenders made as of October 15, 2012 (the “Consent Expiration”), at which time Basic had received tenders and consents from the holders of approximately $217.3 million in aggregate principal amount, or approximately 96.58%, of its outstanding $225.0 million 2016 Notes. In connection with the tender offer and related consent solicitation for the 2016 Notes, on October 16, 2012, Basic entered into a supplemental indenture to the 2016 Notes Indenture to, among other things, eliminate substantially all of the restrictive covenants and certain event of default provisions in the 2016 Notes Indenture. On October 16, 2012, Basic also paid to holders who had validly tendered and not withdrawn their 2016 Notes, for each $1,000 principal amount of such notes, $1,027.25 (which included a consent payment of $20.00) plus accrued and unpaid interest. The tender offer is scheduled to expire at 11:59 p.m., New York City time, on October 29, 2012 (the “Expiration Time”). Noteholders tendering after the Consent Expiration and prior to the Expiration Time will be eligible to receive only $1,007.25 per $1,000 principal amount of 2016 Notes that are validly tendered and not validly withdrawn. Basic has also announced that it will redeem on November 16, 2012 all outstanding 2016 Notes not tendered prior to the Expiration Time, and Basic has satisfied and discharged its obligations under the 2016 Notes Indenture.

Amendment to Credit Agreement

On October 1, 2012, Basic entered into Amendment No. 4 to its existing secured revolving credit facility with Merrill Lynch, Pierce, Fenner & Smith Incorporated and Capital One, National Association, as joint lead arrangers and joint book managers, the lenders party thereto and Bank of America, N.A., as administrative agent, that, among other things, permits the issuance of the 2022 Notes described below and the repurchase or optional redemption of the 2016 Notes.

Private Placement of 7.75% Senior Notes due 2022

On October 16, 2012, Basic closed its private offering of $300.0 million of 7.75% Senior Notes due 2022 (the “2022 Notes”), which bear interest at a rate of 7.75% per annum. The 2022 Notes were sold to investors at 100% of their face amount. Basic used and may use a portion of the net proceeds from the offering, after offering expenses, to fund the pending tender offer and consent solicitation for its existing 2016 Notes and may use a portion of the net proceeds to redeem any of the 2016 Notes not purchased in the tender offer. The remainder of the net proceeds will be used for general corporate purposes.

Sale of Certain Rocky Mountain Assets

On October 10, 2012, Basic sold certain assets in its Rocky Mountain region at auction. The sale of these assets did not represent an exit from a geographic market or a service line of Basic. Total consideration from the sale was approximately $6.4 million. The assets sold and auction fees had a cost value of $3.7 million, for a gain to be recognized of approximately $2.7 million. This gain will be recognized in the fourth quarter of 2012.