0001193125-20-073924.txt : 20200316 0001193125-20-073924.hdr.sgml : 20200316 20200316080132 ACCESSION NUMBER: 0001193125-20-073924 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20200316 DATE AS OF CHANGE: 20200316 GROUP MEMBERS: CSL ENERGY HOLDINGS I, LLC GROUP MEMBERS: CSL ENERGY HOLDINGS II, LLC GROUP MEMBERS: CSL ENERGY OPPORTUNITIES FUND I, L.P. GROUP MEMBERS: CSL ENERGY OPPORTUNITIES FUND II, L.P. GROUP MEMBERS: CSL ENERGY OPPORTUNITY GP I, LLC GROUP MEMBERS: CSL ENERGY OPPORTUNITY GP II, LLC GROUP MEMBERS: RANGER ENERGY HOLDINGS II, LLC GROUP MEMBERS: RANGER ENERGY HOLDINGS, LLC GROUP MEMBERS: TORRENT ENERGY HOLDINGS II, LLC GROUP MEMBERS: TORRENT ENERGY HOLDINGS, LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Ranger Energy Services, Inc. CENTRAL INDEX KEY: 0001699039 STANDARD INDUSTRIAL CLASSIFICATION: OIL, GAS FIELD SERVICES, NBC [1389] IRS NUMBER: 815449572 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-90086 FILM NUMBER: 20715331 BUSINESS ADDRESS: STREET 1: 800 GESSNER, SUITE 1000 CITY: HOUSTON STATE: TX ZIP: 77024 BUSINESS PHONE: (713) 935-8900 MAIL ADDRESS: STREET 1: 800 GESSNER, SUITE 1000 CITY: HOUSTON STATE: TX ZIP: 77024 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Leykum Charles S. CENTRAL INDEX KEY: 0001708727 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: 1000 LOUISIANA STREET STREET 2: SUITE 3850 CITY: HOUSTON STATE: TX ZIP: 77002 SC 13D/A 1 d19833dsc13da.htm SC 13D/A SC 13D/A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

 

 

Ranger Energy Services, Inc.

(Name of Issuer)

CLASS A COMMON STOCK, $0.01 PAR VALUE

(Title of Class of Securities)

75282U 104

(CUSIP Number)

Charles S. Leykum

700 Louisiana Street, Suite 2700

Houston, Texas 77002

(281) 407-0686

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

March 12, 2020

(Date of Event Which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ☐

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

 

 

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 75282U 104

 

  1    

  Name of Reporting Persons

 

  Charles S. Leykum

  2    

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3    

  SEC Use Only

 

  4    

  Source of Funds

 

  OO

  5    

  Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6    

  Citizenship or Place of Organization

 

  United States of America

Number of

Shares

  Beneficially  

Owned by

Each

Reporting

Person

With

    7     

  Sole Voting Power

 

  0

  8     

  Shared Voting Power

 

  9,891,401*

  9     

  Sole Dispositive Power

 

  0

  10     

  Shared Dispositive Power

 

  9,891,401**

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  9,891,401*

12    

  Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13    

  Percent of Class Represented by Amount in Row (11)

 

  63.2%***

14    

  Type of Reporting Person

 

  IN

 

*

Consists of (a) 3,025,247 shares of Class A Common Stock, par value of $0.01 per share (the “Class A Common Stock”), of Ranger Energy Services, Inc., a Delaware corporation (the “Issuer”), and (b) 6,866,154 shares of Class B Common Stock, par value of $0.01 per share, of the Issuer (“Class B Common Stock”) and an equivalent number of units of RNGR Energy Services, LLC (“Ranger LLC”), which together are exchangeable for shares of Class A Common Stock on a one-for-one basis (“Ranger Units”) pursuant to that certain Amended and Restated Limited Liability Company Agreement of Ranger LLC (the “Ranger LLCA”). The Class A Common Stock, Class B Common Stock and Ranger Units are collectively referred to herein as the “Securities”. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

**

Consists of (a) 3,025,247 shares of Class A Common Stock and (b) 6,866,154 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

***

Based on a combined total of 15,641,374 shares of Class A Common Stock. This combined total consists of (a) 8,775,220 shares of Class A Common Stock outstanding as of October 23, 2019, and (b) assumes that all 6,866,154 shares of Class B Common Stock beneficially owned by the Reporting Person as of October 23, 2019 (along with an equivalent number of Ranger Units, and no other shares of Class B Common Stock or Ranger Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis.

 

2


CUSIP No. 75282U 104

 

  1    

  Name of Reporting Persons

 

  CSL Energy Opportunity GP I, LLC

  45-2494955

  2    

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3    

  SEC Use Only

 

  4    

  Source of Funds

 

  OO

  5    

  Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6    

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

  Beneficially  

Owned by

Each

Reporting

Person

With

    7     

  Sole Voting Power

 

  0

  8     

  Shared Voting Power

 

  9,891,401*

  9     

  Sole Dispositive Power

 

  0

  10     

  Shared Dispositive Power

 

  7,435,401**

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  9,891,401*

12    

  Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13    

  Percent of Class Represented by Amount in Row (11)

 

  63.2%***

14    

  Type of Reporting Person

 

  OO

 

*

Consists of (a) 3,025,247 shares of Class A Common Stock and (b) 6,866,154 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

**

Consists of (a) 1,813,910 shares of Class A Common Stock and (b) 5,621,491 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

***

Based on a combined total of 15,641,374 shares of Class A Common Stock. This combined total consists of (a) 8,775,220 shares of Class A Common Stock outstanding as of October 23, 2019, and (b) assumes that all 6,866,154 shares of Class B Common Stock beneficially owned by the Reporting Person as of October 23, 2019 (along with an equivalent number of Ranger Units, and no other shares of Class B Common Stock or Ranger Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis.

 

3


CUSIP No. 75282U 104

 

  1    

  Name of Reporting Persons

 

  CSL Energy Opportunity GP II, LLC

  47-2465769

  2    

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3    

  SEC Use Only

 

  4    

  Source of Funds

 

  OO

  5    

  Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6    

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

  Beneficially  

Owned by

Each

Reporting

Person

With

    7     

  Sole Voting Power

 

  0

  8     

  Shared Voting Power

 

  9,715,877*

  9     

  Sole Dispositive Power

 

  0

  10     

  Shared Dispositive Power

 

  7,813,902**

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  9,715,877*

12    

  Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13    

  Percent of Class Represented by Amount in Row (11)

 

  62.1%***

14    

  Type of Reporting Person

 

  OO

 

*

Consists of (a) 2,849,723 shares of Class A Common Stock and (b) 6,866,154 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

**

Consists of (a) 2,536,598 shares of Class A Common Stock and (b) 5,277,304 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

***

Based on a combined total of 15,641,374 shares of Class A Common Stock. This combined total consists of (a) 8,775,220 shares of Class A Common Stock outstanding as of October 23, 2019, and (b) assumes that all 6,866,154 shares of Class B Common Stock beneficially owned by the Reporting Person as of October 23, 2019 (along with an equivalent number of Ranger Units, and no other shares of Class B Common Stock or Ranger Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis.

 

4


CUSIP No. 75282U 104

 

  1    

  Name of Reporting Persons

 

  Ranger Energy Holdings, LLC

  38-3934054

  2    

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3    

  SEC Use Only

 

  4    

  Source of Funds

 

  OO

  5    

  Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6    

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

  Beneficially  

Owned by

Each

Reporting

Person

With

    7     

  Sole Voting Power

 

  0

  8     

  Shared Voting Power

 

  9,715,877*

  9     

  Sole Dispositive Power

 

  0

  10     

  Shared Dispositive Power

 

  5,807,902**

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  9,715,877*

12    

  Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13    

  Percent of Class Represented by Amount in Row (11)

 

  62.1%***

14    

  Type of Reporting Person

 

  OO

 

*

Consists of (a) 2,849,723 shares of Class A Common Stock and (b) 6,866,154 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

**

Consists of (a) 1,325,261 shares of Class A Common Stock and (b) 4,482,641 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

***

Based on a combined total of 15,641,374 shares of Class A Common Stock. This combined total consists of (a) 8,775,220 shares of Class A Common Stock outstanding as of October 23, 2019, and (b) assumes that all 6,866,154 shares of Class B Common Stock beneficially owned by the Reporting Person as of October 23, 2019 (along with an equivalent number of Ranger Units, and no other shares of Class B Common Stock or Ranger Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis.

 

5


CUSIP No. 75282U 104

 

  1    

  Name of Reporting Persons

 

  Torrent Energy Holdings, LLC

  37-1760971

  2    

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3    

  SEC Use Only

 

  4    

  Source of Funds

 

  OO

  5    

  Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6    

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

  Beneficially  

Owned by

Each

Reporting

Person

With

    7     

  Sole Voting Power

 

  0

  8     

  Shared Voting Power

 

  9,715,877*

  9     

  Sole Dispositive Power

 

  0

  10     

  Shared Dispositive Power

 

  1,451,975**

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  9,715,877*

12    

  Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13    

  Percent of Class Represented by Amount in Row (11)

 

  62.1%***

14    

  Type of Reporting Person

 

  OO

 

*

Consists of (a) 2,849,723 shares of Class A Common Stock and (b) 6,866,154 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

**

Consists of (a) 313,125 shares of Class A Common Stock and (b) 1,138,850 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

***

Based on a combined total of 15,641,374 shares of Class A Common Stock. This combined total consists of (a) 8,775,220 shares of Class A Common Stock outstanding as of October 23, 2019, and (b) assumes that all 6,866,154 shares of Class B Common Stock beneficially owned by the Reporting Person as of October 23, 2019 (along with an equivalent number of Ranger Units, and no other shares of Class B Common Stock or Ranger Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis.

 

6


CUSIP No. 75282U 104

 

  1    

  Name of Reporting Persons

 

  Ranger Energy Holdings II, LLC

  2    

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3    

  SEC Use Only

 

  4    

  Source of Funds

 

  OO

  5    

  Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6    

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

  Beneficially  

Owned by

Each

Reporting

Person

With

    7     

  Sole Voting Power

 

  0

  8     

  Shared Voting Power

 

  9,715,877*

  9     

  Sole Dispositive Power

 

  0

  10     

  Shared Dispositive Power

 

  5,807,902**

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  9,715,877*

12    

  Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13    

  Percent of Class Represented by Amount in Row (11)

 

  62.1%***

14    

  Type of Reporting Person

 

  OO

 

*

Consists of (a) 2,849,723 shares of Class A Common Stock and (b) 6,866,154 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

**

Consists of (a) 1,325,261 shares of Class A Common Stock and (b) 4,482,641 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

***

Based on a combined total of 15,641,374 shares of Class A Common Stock. This combined total consists of (a) 8,775,220 shares of Class A Common Stock outstanding as of October 23, 2019, and (b) assumes that all 6,866,154 shares of Class B Common Stock beneficially owned by the Reporting Person as of October 23, 2019 (along with an equivalent number of Ranger Units, and no other shares of Class B Common Stock or Ranger Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis.

 

7


CUSIP No. 75282U 104

 

  1    

  Name of Reporting Persons

 

  Torrent Energy Holdings II, LLC

  30-0998585

  2    

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3    

  SEC Use Only

 

  4    

  Source of Funds

 

  OO

  5    

  Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6    

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

  Beneficially  

Owned by

Each

Reporting

Person

With

    7     

  Sole Voting Power

 

  0

  8     

  Shared Voting Power

 

  9,715,877*

  9     

  Sole Dispositive Power

 

  0

  10     

  Shared Dispositive Power

 

  1,451,975**

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  9,715,877*

12    

  Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13    

  Percent of Class Represented by Amount in Row (11)

 

  62.1%***

14    

  Type of Reporting Person

 

  OO

 

*

Consists of (a) 2,849,723 shares of Class A Common Stock and (b) 6,866,154 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

**

Consists of (a) 313,125 shares of Class A Common Stock and (b) 1,138,850 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

***

Based on a combined total of 15,641,374 shares of Class A Common Stock. This combined total consists of (a) 8,775,220 shares of Class A Common Stock outstanding as of October 23, 2019, and (b) assumes that all 6,866,154 shares of Class B Common Stock beneficially owned by the Reporting Person as of October 23, 2019 (along with an equivalent number of Ranger Units, and no other shares of Class B Common Stock or Ranger Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis.

 

8


CUSIP No. 75282U 104

 

  1    

  Name of Reporting Persons

 

  CSL Energy Holdings I, LLC

  45-2665080

  2    

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3    

  SEC Use Only

 

  4    

  Source of Funds

 

  OO

  5    

  Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6    

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

  Beneficially  

Owned by

Each

Reporting

Person

With

    7     

  Sole Voting Power

 

  0

  8     

  Shared Voting Power

 

  9,715,877*

  9     

  Sole Dispositive Power

 

  0

  10     

  Shared Dispositive Power

 

  7,259,877**

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  9,715,877*

12    

  Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13    

  Percent of Class Represented by Amount in Row (11)

 

  62.1%***

14    

  Type of Reporting Person

 

  OO

 

*

Consists of (a) 2,849,723 shares of Class A Common Stock and (b) 6,866,154 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

**

Consists of (a) 1,638,386 shares of Class A Common Stock and (b) 5,621,491 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

***

Based on a combined total of 15,641,374 shares of Class A Common Stock. This combined total consists of (a) 8,775,220 shares of Class A Common Stock outstanding as of October 23, 2019, and (b) assumes that all 6,866,154 shares of Class B Common Stock beneficially owned by the Reporting Person as of October 23, 2019 (along with an equivalent number of Ranger Units, and no other shares of Class B Common Stock or Ranger Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis.

 

9


CUSIP No. 75282U 104

 

  1    

  Name of Reporting Persons

 

  CSL Energy Holdings II, LLC

  32-0456689

  2    

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3    

  SEC Use Only

 

  4    

  Source of Funds

 

  OO

  5    

  Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6    

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

  Beneficially  

Owned by

Each

Reporting

Person

With

    7     

  Sole Voting Power

 

  0

  8     

  Shared Voting Power

 

  9,715,877*

  9     

  Sole Dispositive Power

 

  0

  10     

  Shared Dispositive Power

 

  6,662,272**

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  9,715,877*

12    

  Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13    

  Percent of Class Represented by Amount in Row (11)

 

  62.1%***

14    

  Type of Reporting Person

 

  OO

 

*

Consists of (a) 2,849,723 shares of Class A Common Stock and (b) 6,866,154 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

**

Consists of (a) 2,179,631 shares of Class A Common Stock and (b) 4,482,641 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

***

Based on a combined total of 15,641,374 shares of Class A Common Stock. This combined total consists of (a) 8,775,220 shares of Class A Common Stock outstanding as of October 23, 2019, and (b) assumes that all 6,866,154 shares of Class B Common Stock beneficially owned by the Reporting Person as of October 23, 2019 (along with an equivalent number of Ranger Units, and no other shares of Class B Common Stock or Ranger Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis.

 

10


CUSIP No. 75282U 104

 

  1    

  Name of Reporting Persons

 

  CSL Energy Opportunities Fund I, L.P.

  45-2495008

  2    

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3    

  SEC Use Only

 

  4    

  Source of Funds

 

  OO

  5    

  Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6    

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

  Beneficially  

Owned by

Each

Reporting

Person

With

    7     

  Sole Voting Power

 

  0

  8     

  Shared Voting Power

 

  9,715,877*

  9     

  Sole Dispositive Power

 

  0

  10     

  Shared Dispositive Power

 

  7,259,877**

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  9,715,877*

12    

  Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13    

  Percent of Class Represented by Amount in Row (11)

 

  62.1%***

14    

  Type of Reporting Person

 

  PN

 

*

Consists of (a) 2,849,723 shares of Class A Common Stock and (b) 6,866,154 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

**

Consists of (a) 1,638,386 shares of Class A Common Stock and (b) 5,621,491 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

***

Based on a combined total of 15,641,374 shares of Class A Common Stock. This combined total consists of (a) 8,775,220 shares of Class A Common Stock outstanding as of October 23, 2019, and (b) assumes that all 6,866,154 shares of Class B Common Stock beneficially owned by the Reporting Person as of October 23, 2019 (along with an equivalent number of Ranger Units, and no other shares of Class B Common Stock or Ranger Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis.

 

11


CUSIP No. 75282U 104

 

  1    

  Name of Reporting Persons

 

  CSL Energy Opportunities Fund II, L.P.

  36-4799022

  2    

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3    

  SEC Use Only

 

  4    

  Source of Funds

 

  OO

  5    

  Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6    

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

  Beneficially  

Owned by

Each

Reporting

Person

With

    7     

  Sole Voting Power

 

  0

  8     

  Shared Voting Power

 

  9,715,877*

  9     

  Sole Dispositive Power

 

  0

  10     

  Shared Dispositive Power

 

  6,959,532**

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  9,715,877*

12    

  Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13    

  Percent of Class Represented by Amount in Row (11)

 

  62.1%***

14    

  Type of Reporting Person

 

  PN

 

*

Consists of (a) 2,849,723 shares of Class A Common Stock and (b) 6,866,154 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

**

Consists of (a) 1,682,228 shares of Class A Common Stock and (b) 5,277,304 shares of Class B Common Stock and an equivalent number of Ranger Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the Ranger LLCA. See Item 5 for a further description of the beneficial ownership of Class A Common Stock reported herein, which description is incorporated herein by reference.

***

Based on a combined total of 15,641,374 shares of Class A Common Stock. This combined total consists of (a) 8,775,220 shares of Class A Common Stock outstanding as of October 23, 2019, and (b) assumes that all 6,866,154 shares of Class B Common Stock beneficially owned by the Reporting Person as of October 23, 2019 (along with an equivalent number of Ranger Units, and no other shares of Class B Common Stock or Ranger Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis.

 

12


The Reporting Persons (as defined below) previously filed a Schedule 13D with the Securities and Exchange Commission (the “SEC”) on November 19, 2019. This Amendment No. 1 to Schedule 13D amends Items 4, 6 and 7 of the Schedule 13D filed by Charles S. Leykum, CSL Energy Opportunity GP I, LLC, CSL Energy Opportunity GP II, LL, Ranger Energy Holdings, LLC, Torrent Energy Holdings, LLC, Ranger Energy Holdings II, LLC, Torrent Energy Holdings II, LLC, CSL Energy Holdings I, LLC, CSL Energy Holdings II, LLC, CSL Energy Opportunities Fund I, L.P. and CSL Energy Opportunities Fund II, L.P. with the Securities and Exchange Commission on November 19, 2019 (the “Schedule 13D”).

Except as set forth below and as to give effect to the changes in ownership amounts reflected above, all Items of the Schedule 13D remain unchanged. All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Schedule 13D.

 

Item 4.

Security and Issuer

Item 4 of the Schedule 13D is hereby amended and supplemented by deleting the last paragraph thereof and replacing it with the following:

On the evening of March 12, 2020, CSL and Bayou delivered a non-binding offer (the “Offer Letter”) to the Issuer to acquire all of the issued and outstanding publicly held shares of Class A Common Stock of the Issuer that are not directly owned by CSL, Bayou and certain other holders in exchange for $6.00 in cash for each such share of Class A Common Stock. The foregoing description of the Offer Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Offer Letter, as modified in oral communications, which is filed as Exhibit 8 hereto and is incorporated by reference in its entirety into this Item 4.

There can be no assurance that any discussions that may occur between CSL, Bayou and the Issuer with respect to the offer contained in the Offer Letter will result in the entry into a definitive agreement concerning a transaction or, if such a definitive agreement is reached, will result in the consummation of a transaction provided for in such definitive agreement. Discussions concerning a transaction may be terminated at any time and without prior notice. Entry into a definitive agreement concerning a transaction and the consummation of any such transaction is subject to a number of contingencies that are beyond the control of CSL, including the satisfactory completion of due diligence, the approval of the Issuer’s board of directors, the approval by holders of a majority of the outstanding shares of Class A Common Stock of the Issuer, and the satisfaction of any conditions to the consummation of a transaction set forth in any such definitive agreement.

Except as may be required by law, CSL does not intend to disclose developments with respect to the foregoing unless and until the Issuer’s board of directors, CSL and Bayou have approved a specific transaction, if any, and CSL, Bayou and the Issuer have then entered into a definitive agreement to effect such transaction. The foregoing is not intended to limit the matters previously disclosed in Item 4 of this Schedule 13D.

Each Reporting Person reserves the right to change its intention with respect to any or all of the matters required to be disclosed in this Item 4.

 

Item 6.

Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

The information provided or incorporated by reference in Item 4 is hereby incorporated herein by reference.

 

Item 7.

Material to be Filed as Exhibits

Item 7 is hereby amended by adding the following exhibit:

 

Exhibit 8    Offer Letter, dated March 12, 2020

 

13


SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Dated: March 16, 2020     Charles S. Leykum
   

/s/ Charles S. Leykum

    Charles S. Leykum
    CSL Energy Opportunity GP I, LLC
    By:  

/s/ Charles S. Leykum

      Name: Charles S. Leykum
      Title: Managing Member
    CSL Energy Opportunity GP II, LLC
    By:  

/s/ Charles S. Leykum

      Name: Charles S. Leykum
      Title: Managing Member
    Ranger Energy Holdings, LLC
    By:  

/s/ Charles S. Leykum

      Name: Charles S. Leykum
      Title: Senior Vice President
    Torrent Energy Holdings, LLC
    By:  

/s/ Charles S. Leykum

      Name: Charles S. Leykum
      Title: Senior Vice President
    Ranger Energy Holdings II, LLC
    By:  

/s/ Charles S. Leykum

      Name: Charles S. Leykum
      Title: Manager
    Torrent Energy Holdings II, LLC
    By:   CSL Energy Holdings I, LLC,
      its managing member
    By:   CSL Energy Opportunity GP I, LLC
      its managing member
    By:  

/s/ Charles S. Leykum

      Name: Charles S. Leykum
      Title: Manager


CSL Energy Holdings I, LLC
By:   CSL Energy Opportunity GP I, LLC,
  its managing member
By:  

/s/ Charles S. Leykum

  Name: Charles S. Leykum
  Title: Managing Member
CSL Energy Holdings II, LLC
By:   CSL Energy Opportunity GP II, LLC,
  its managing member
By:  

/s/ Charles S. Leykum

  Name: Charles S. Leykum
  Title: Managing Member
CSL Energy Opportunities Fund I, L.P.
By:   CSL Energy Opportunity GP I, LLC,
  its general partner
By:  

/s/ Charles S. Leykum

  Name: Charles S. Leykum
  Title: Managing Member
CSL Energy Opportunities Fund II, L.P.
By:   CSL Energy Opportunity GP II, LLC,
  its general partner
By:  

/s/ Charles S. Leykum

  Name: Charles S. Leykum
  Title: Managing Member
EX-99.8 2 d19833dex998.htm EX-99.8 EX-99.8

Exhibit 8

 

LOGO    LOGO

March 12, 2020

Board of Directors

Ranger Energy Services, Inc.

800 Gessner Street, Suite 1000

Houston, TX 77024

 

Attn:

Members of the Board of Directors of Ranger Energy Services, Inc. (the “Board”)

 

Re:

Possible acquisition of all outstanding publicly held shares of common stock of Ranger Energy Services, Inc.

Ladies and Gentlemen:

CSL Capital Management, L.P. (“CSL”) and Bayou Well Holdings Company, LLC (“Bayou”) are pleased to submit this non-binding offer (this “Non-Binding Offer”) to Ranger Energy Services, Inc. (“Ranger”) regarding a possible transaction pursuant to which an entity to be determined by CSL and Bayou (“Ranger Holdings”) would acquire all of the outstanding shares of Class A Common Stock of Ranger not already owned by CSL, Bayou and/or their affiliates (the “Transaction”), as described in more detail below. We believe that the Transaction offers the best path forward for Ranger and its stockholders, given the low trading volume of Ranger’s Class A Common Stock and the challenges facing energy markets generally. The Transaction presents an opportunity for Ranger’s stockholders to realize cash consideration for their shares in a volatile market, while better positioning Ranger to respond to current macroeconomic conditions and ongoing changes in the upstream sector.

Based on our records, CSL, Bayou and certain of their affiliates beneficially own, as of March 11, 2020, in the aggregate, 3,189,676 shares of Class A Common Stock and 6,866,154 shares of Class B Common Stock, representing approximately 64.3% of the total shares of Class A Common Stock of Ranger on an as-converted basis. In addition, CSL and Bayou have received a non-binding indication of support from T. Rowe Price Associates, Inc., as investment adviser to certain funds and accounts (the “T. Rowe Price Investors”) that beneficially own, as of March 11, 2020, in the aggregate, 1,363,569 shares of Class A Common Stock, representing approximately 8.8% of the total shares of Class A Common Stock of Ranger on an as-converted basis, with respect to rolling their equity into equity securities of Ranger Holdings in connection with the Transaction. Subject to the negotiation and execution of a definitive agreement containing terms and conditions customary for a transaction of the type set out in this letter, we are pleased to offer $6.00 in cash in exchange for each issued and outstanding share of Class A Common Stock of Ranger that is not directly owned by CSL, Bayou and their respective affiliates.


1. Structure.

The Transaction would be structured as a merger between Ranger and a subsidiary of Ranger Holdings, with Ranger surviving the merger as a wholly owned subsidiary of Ranger Holdings.

2. Special Committee.

We anticipate that the Board will desire to establish and empower an independent Special Committee (the “Special Committee”) to evaluate and negotiate the proposed Transaction, and that the Special Committee will engage independent advisors to assist in the evaluation of this Non-Binding Offer. CSL, Bayou and their respective affiliates have no interest in selling any of the shares of common stock of Ranger owned or controlled by them, and as such, would not expect, in their capacity as stockholders of Ranger, to vote in favor of any alternative sale, merger or similar transaction involving Ranger. If the Special Committee does not recommend, or the stockholders of Ranger do not approve, the proposed Transaction, CSL, Bayou and their respective affiliates currently intend to continue as long-term stockholders of Ranger.

3. Key Assumptions.

The principal terms set out above are based on the following key assumptions:

 

  (a)

Ranger Holdings and Ranger would enter into a definitive merger agreement or other similar agreement (the “Definitive Agreement”) that would set out all of the terms and conditions relevant to the Transaction.

 

  (b)

Ranger Holdings would obtain debt and equity financing on reasonable terms, which CSL and Bayou expect to procure on an expedited basis. CSL and Bayou intend to arrange for fully committed financing by signing.

 

  (c)

The Transaction would be subject to customary closing conditions, such as customary regulatory approvals, a bring down of fundamental representations and warranties, absence of a material adverse effect and performance of covenants, among others.

 

  (d)

The Transaction would be approved by the CSL Investment Committee and the Bayou Board of Managers.

 

  (e)

The Transaction would be subject to approval by the Special Committee and the informed approval of the holders of a majority of the outstanding shares of Ranger not owned by CSL, Bayou, the T. Rowe Price Investors or their respective affiliates.

4. Internal Approvals.

The delivery of this Non-Binding Offer to Ranger has been approved by the CSL Investment Committee and the Bayou Board of Managers.

5. Disclosures.

Promptly after the date hereof, CSL, Bayou and certain of their respective affiliates intend to file an amended Schedule 13D as required under applicable securities laws and regulations, which such filing will disclose this Non-Binding Offer.

6. Legal Effect.

This Non-Binding Offer is not intended to, and does not, constitute or create any legally binding obligations or liabilities on the part of CSL, Bayou or any of their respective affiliates. A binding obligation of CSL, Bayou or any of their respective affiliates to effect the Transaction shall be created only upon the execution and delivery by Ranger Holdings and Ranger of a Definitive Agreement. CSL, Bayou and their respective affiliates reserve their right to withdraw this Non-Binding Offer at any time, for any reason, at their sole discretion.


CSL and Bayou are well positioned to negotiate and complete the Transaction, including obtaining any required financing, in an expeditious manner. After receipt of this Non-Binding Offer and, if this Non-Binding Offer is acceptable to Ranger, CSL, Bayou and their respective affiliates are prepared to begin negotiating the Definitive Agreement and any related agreements with Ranger in respect to the Transaction.

We look forward to receiving Ranger’s response to this Non-Binding Offer and stand prepared to discuss our analysis of the potential Transaction with the Special Committee and its advisors and any other representatives of Ranger at Ranger’s convenience.

[Signature Page Follows]


Sincerely,
CSL Capital Management, L.P.
By: CSL CM GP, LLC, General Partner
By:  

/s/ Charles S. Leykum

Name:   Charles S. Leykum
Title:   Managing Member
Bayou Well Holdings Company, LLC
By:  

/s/ Brett T. Agee

Name:   Brett T. Agee
Title:   President & CEO
GRAPHIC 3 g19833g0315015205237.jpg GRAPHIC begin 644 g19833g0315015205237.jpg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g19833g0315015205487.jpg GRAPHIC begin 644 g19833g0315015205487.jpg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