KLX Energy Services to redeem $6.2 million debt at par with accrued interest
KLXE•KLX Energy Services completed a subscription rights offering that raised $37.2 million by issuing 24,975,001 common shares at $1.49 each. The proceeds include $6.2 million to redeem 2030 notes at par, while a backstop exchange will reduce their outstanding principal by $94 million.
1. Offering and debt exchange
KLX Energy Services completed its subscription rights offering, raising $37.2 million through the issuance of 24,975,001 common shares at $1.49 each. The proceeds include $6.2 million earmarked to redeem its Senior Secured Floating Rate Cash / PIK Notes due 2030 at par, with accrued interest. The Backstop Exchange will reduce the notes’ outstanding principal by $94 million through redemptions and note-for-stock exchanges; Backstop Parties will receive 59,273,445 common shares in exchange for notes at 100% of principal.
