KLX Energy Services to redeem $6.2 million of debt at par using rights offering proceeds
KLXE•KLX Energy Services expects to redeem $6.2 million of its Senior Secured Floating Rate Cash / PIK Notes due 2030 at par, including accrued and unpaid interest, using proceeds from a $37.2 million rights offering. A Backstop Exchange is set to reduce the notes’ principal by $94 million through redemptions and note-for-stock exchanges priced at $1.49.
1. Debt redemption
KLX Energy Services expects to redeem $6.2 million of its Senior Secured Floating Rate Cash / PIK Notes due 2030 at par, including accrued and unpaid interest. The redemption will be funded from gross proceeds of $37.2 million from its Rights Offering.
2. Backstop Exchange
The Backstop Exchange will reduce the 2030 Notes’ principal by $94 million through redemptions and note-for-stock exchanges priced at $1.49.
