FORBES ENERGY SERVICES LTD. (OTCMKTS:FESL) Files An 8-K Other Events
Item 8.01 OTHER EVENTS
On February 14, 2019, Forbes Energy Services Ltd. (the “Company”) issued a press release announcing the commencement of the Company’s rights offering (the “Rights Offering”). to the rights offering, the Company is distributing to its holders of common stock as of 5:00 p.m. New York City time on January 22, 2019 (the “Record Date”), non-transferable subscription rights to purchase up to $54,392,400 aggregate principal amount of 5.00% Subordinated Convertible PIK Notes due 2020 (the “Notes”). Each holder of the Company’s common stock as of the Record Date will receive one right for each ten shares of common stock owned, and each right will entitle a holder to purchase $100 principal amount of Notes. The Rights Offering is intended to generate aggregate proceeds in an amount necessary to satisfy the obligations in full under the Company’s existing one-year bridge loan, which amount will not exceed $54,392,400. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The Registration Statement on Form S-1 respecting the Rights Offering automatically became effective with the Securities and Exchange Commission on February 13, 2019. The Rights Offering will terminate, as to unexercised rights, at 5:00 p.m. New York City time on February 28, 2019, unless the Company elects to extend the Rights Offering. Holders who subscribe for all of their basic subscription rights can also elect to subscribe for additional shares to an Over-Subscription Privilege. Certain stockholders of the Company have agreed to acquire any unsubscribed Notes after other stockholders have exercised their Over-Subscription Privilege.
Beneficial owners of common stock who desire to participate and acquire Notes in the Rights Offering should contact their brokers, dealers or other nominee holders of their common stock.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
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Exhibit Number |
Description |
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99.1 |
Press Release, dated February 14, 2019 |
EXHIBIT INDEX
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Exhibit Number |
Description |
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99.1 |
Press Release, dated February 14, 2019
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Forbes Energy Services Ltd. Exhibit
EX-99.1 2 ex991pressrelease.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 FORBES ANNOUNCES COMMENCEMENT OF RIGHTS OFFERING ALICE,…
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About FORBES ENERGY SERVICES LTD. (OTCMKTS:FESL)
Forbes Energy Services Ltd. (FES Ltd.) is a holding company. The Company is an independent oilfield services contractor that provides a range of well site services to oil and natural gas drilling and producing companies to develop the production of oil and natural gas. The Company’s segments are Well Servicing and Fluid Logistics. Its services include fluid disposal and well maintenance. The Company’s Well Servicing segment provides an offering of well services to oil and natural gas companies, including completions of drilled oil and natural gas wells, wellbore maintenance, workovers and recompletions, tubing testing, and plugging and abandonment services. Its Fluid Logistics segment provides a range of oilfield fluid sales, transportation, storage and disposal services that are required on workover, drilling and completion projects, and are used in daily operation of producing wells by oil and natural gas producers. It operates approximately six coiled tubing spreads.