8-K
filed February 1, 2023, 6:59 PM ET
ticker NINE
CIK 0001532286
debt
confidence high
sentiment positive
materiality 0.70
Nine Energy Service, Inc. (NINE): debt financing — Nine Energy closes $300M unit offering of 13% notes, redeems 2023 senior notes
Nine Energy Service, Inc.
- Sold 300,000 units at $950 each; $300M principal of 13.000% senior secured notes due 2028 and 1.5M common shares.
- Net proceeds of $279.75M used to redeem all outstanding 8.750% Senior Notes due 2023; $34.3M drawn from ABL facility.
- ABL facility maturity extended from October 2023 to January 2027 via amendment effective January 30, 2023.
- Notes include provision requiring Company to offer to buy 75% of excess cash flow at 100% of principal semi-annually from Nov 2023.
- Units will automatically separate into notes and common stock on Oct 27, 2023; holders may elect separation on/after Mar 31, 2023.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Nine Energy Service, Inc. incurred credit facility of approximately $34.3 million.
- Instrument
- credit facility
- Principal
- approximately $34.3 million
- Event
- incurrence
Exact text from the filing
In connection with the redemption of the 2023 Senior Notes, the Company borrowed approximately $34.3 million under the Credit Facility to fund a portion of the redemption price of the 2023 Senior Notes.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Nine Energy Service, Inc. incurred senior notes of $300,000,000 with U.S. Bank Trust Company, National Association at 13.000% per annum maturing February 1, 2028.
- Instrument
- senior notes
- Principal
- $300,000,000
- Counterparty
- U.S. Bank Trust Company, National Association
- Rate
- 13.000% per annum
- Maturity
- February 1, 2028
- Event
- incurrence
Exact text from the filing
disclosed, on January 30, 2023, Nine Energy Service, Inc. (the “Company”) completed its public offering (the “Offering”) of 300,000 units with an aggregate stated amount of $300,000,000 (the “Units”). Each Unit consists of $1,000 principal amount of the Company’s 13.000% Senior Secured Notes due 2028 (collectively, the “Notes”) and five shares of common stock,
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Nine Energy Service, Inc. entered into Unit Agreement with U.S. Bank Trust Company, National Association valued at $300,000,000 (effective 2023-01-30).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- U.S. Bank Trust Company, National Association
- Value
- $300,000,000
- Effective
- 2023-01-30
Exact text from the filing
On January 30, 2023, the Company entered into a Unit Agreement, dated as of January 30, 2023 (the “Unit Agreement”), with U.S. Bank Trust Company, National Association, as trustee for the Units (in such capacity, the “Units Trustee”) and as trustee for the Notes (in such capacity, the “Notes Trustee”) under the Indenture (as defined below), pursuant to which the Units were issued.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Nine Energy Service, Inc. entered into Indenture with U.S. Bank Trust Company, National Association valued at $300,000,000 (effective 2023-01-30).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- U.S. Bank Trust Company, National Association
- Value
- $300,000,000
- Effective
- 2023-01-30
Exact text from the filing
On January 30, 2023, the Company and certain of its subsidiaries entered into an Indenture, dated as of January 30, 2023 (the “Indenture”), with U.S. Bank Trust Company, National Association, as the Notes Trustee and as notes collateral agent (in such capacity, the “Notes Collateral Agent”), pursuant to which the Notes, which form a part of the Units, were issued.
View on SEC.gov
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