Brief: Key Energy Services Announces Restructuring Support Agreement

Key Energy Services

27/01/2020 12:46

Jan 27 (Reuters) - Key Energy Services Inc  KEGX.PK :
    * KEY ENERGY SERVICES ANNOUNCES RESTRUCTURING SUPPORT
AGREEMENT
    * KEY ENERGY - ENTERED INTO RSA WITH LENDERS UNDER TERM LOAN
FACILITY COLLECTIVELY HOLDING OVER 99.5% OF PRINCIPAL AMOUNT OF
CO'S OUTSTANDING TERM LOANS
    * KEY ENERGY SERVICES - RESTRUCTURING IS EXPECTED TO REDUCE
COMPANY'S LONG TERM DEBT BY APPROXIMATELY 80%
    * KEY ENERGY SERVICES -  RSA TO CONVERT ABOUT $241.9 MILLION
OUTSTANDING PRINCIPAL OF CO'S TERM LOANS INTO NEWLY ISSUED
SHARES OF COMMON STOCK OF CO
    * KEY ENERGY SERVICES -  RSA TO CONVERT ABOUT $241.9 MILLION
OF
CO'S OUTSTANDING TERM LOANS INTO $20 MILLION OF TERM LOANS UNDER
A NEW ABOUT $51.2 MILLION TERM LOAN FACILITY
    * KEY ENERGY SERVICES - UPON COMPLETION OF RESTRUCTURING,
SUPPORTING TERM LENDERS ARE EXPECTED TO OWN 97% OF COMMON STOCK
OF CO
    * KEY ENERGY SERVICES - UPON COMPLETION OF RESTRUCTURING,
HOLDERS
OF EXISTING EQUITY INTERESTS ARE EXPECTED TO HOLD 3% OF COMMON
STOCK OF CO
    * KEY ENERGY SERVICES INC - COMPANY CURRENTLY EXPECTS TO
COMPLETE
RESTRUCTURING BY END OF FEBRUARY 2020

Source text for Eikon:  ID:nGNX3lJlbG 
Further company coverage:  KEGX.PK 

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