Nine Energy to issue 300,000 units of 13% senior notes + stock; net ~$271.2M to refinance 8.75% notes

Nine Energy Service, Inc.

Offering of 300,000 units, each with $1,000 principal of 13.000% Senior Secured Notes due 2028 and 5 common shares.
Net proceeds of approximately $271.2 million after underwriting discounts and expenses.
Proceeds, together with credit facility borrowings and cash, to redeem all outstanding 8.750% Senior Notes due 2023.
Closing expected January 30, 2023; 45-day lock-up on similar debt offerings without J.P. Morgan consent.
J.P. Morgan Securities LLC leads underwriters; certain affiliates may hold the 2023 Senior Notes and receive part of proceeds.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Nine Energy Service, Inc. entered into Underwriting Agreement with J.P. Morgan Securities LLC, as representative of the several underwriters valued at approximately $271.2 million (effective 2023-01-19).

Action: entry
Agreement: underwriting
Counterparty: J.P. Morgan Securities LLC, as representative of the several underwriters
Value: approximately $271.2 million
Effective: 2023-01-19

Exact text from the filing

On January 19, 2023, Nine Energy Service, Inc. (the “Company”) and certain of its subsidiaries (the “Guarantors”) entered into an underwriting agreement (the “Underwriting Agreement”) with J.P. Morgan Securities LLC, as representative of the several underwriters named in Schedule 1 thereto (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters 300,000 units (the “Units”), each of which consists of $1,000 principal amount of 13.000% Senior Secured Notes due 2028 and five shares of common stock, par value $0.01 per share, of the Company, in accordance with the terms and conditions set forth in the Underwriting Agreement.

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Source: SEC EDGAR

accession 0001193125-23-014255

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