Horsepower Holdings, Inc. Announces Private Offer of $275 Million of Senior Notes
02 Julho 2008 - 2:01PM
PR Newswire (US)
HOUSTON, July 2 /PRNewswire/ -- Horsepower Holdings, Inc.
("Holdings") announced today that it has commenced an offering,
exempt from the registration requirements of the Securities Act of
1933, of $275 million of Senior Notes due 2018. The company intends
to use the net proceeds of the proposed offering to fund a portion
of the cash merger consideration in connection with the proposed
mergers of Basic Energy Services, Inc. ("Basic") (NYSE:BAS) and
Grey Wolf, Inc. ("Grey Wolf") (AMEX:GW) with and into Holdings
(after which Holdings will be renamed Grey Wolf, Inc.), for the
refinancing of Basic's revolving credit facility and to pay
expenses of the related transactions. The notes will not be
registered under the Securities Act of 1933 or applicable state
securities laws and may not be offered or sold in the United States
absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state laws. This announcement shall not constitute an offer to sell
or the solicitation of an offer to buy the notes. Forward Looking
Statements and Additional Information This document may include
statements herein that are "forward-looking statements" as defined
by the Securities and Exchange Commission (the "SEC"). All
statements, other than statements of historical fact, included
herein that address activities, events or developments that
Holdings expects, believes or anticipates will or may occur in the
future are forward-looking statements. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially, including required approvals
by stockholders and regulatory agencies, the possibility that the
anticipated benefits from the proposed merger with Basic and Grey
Wolf cannot be fully realized, the possibility that costs or
difficulties related to integration of the two companies will be
greater than expected, the impact of competition, the closing of
the offering and the use of proceeds therefrom and other risk
factors included in the reports filed with the SEC by Holdings,
Grey Wolf and Basic. Readers are cautioned not to place undue
reliance on these forward- looking statements, which speak only as
of their dates. Except as required by law, neither Grey Wolf nor
Basic intends to update or revise its forward- looking statements,
whether as a result of new information, future events or otherwise.
Registration Statement and Joint Proxy Statement/Prospectus In
connection with the proposed mergers, a registration statement of
Holdings has been filed and declared effective by the SEC. Each of
Basic and Grey Wolf has filed a definitive joint proxy
statement/prospectus with the SEC. INVESTORS AND SECURITY HOLDERS
ARE URGED TO CAREFULLY READ THE REGISTRATION STATEMENT AND THE
JOINT PROXY STATEMENT/PROSPECTUS AND THESE OTHER MATERIALS
REGARDING THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT
INFORMATION ABOUT BASIC, GREY WOLF, HOLDINGS AND THE PROPOSED
TRANSACTION. Investors and security holders may obtain a free copy
of the registration statement and the joint proxy
statement/prospectus and other documents containing information
about Basic and Grey Wolf, without charge, at the SEC's web site at
http://www.sec.gov/, Basic's web site at
http://www.basicenergyservices.com/, and Grey Wolf's web site at
http://www.gwdrilling.com/. Copies of the registration statement
and the joint proxy statement/prospectus and the SEC filings that
are incorporated by reference therein may also be obtained for free
by directing a request to either Investor Relations, Basic Energy
Services, Inc., (432) 620-5510 or to Investor Relations, Grey Wolf,
Inc., (713) 435-6100. Participants in the Solicitation Basic and
Grey Wolf and their respective directors, officers and certain
other members of management may be deemed to be participants in the
solicitation of proxies from their respective stockholders in
respect of the mergers. Information about these persons can be
found in Grey Wolf's proxy statement relating to its 2008 annual
meetings of stockholders as filed with the SEC on April 8, 2008.
Information concerning beneficial ownership of Basic stock by its
directors and certain of its executive officers is included in its
Annual Report on Form 10-K/A filed April 29, 2008 and subsequent
statements of changes in beneficial ownership on file with the SEC.
Additional information about the interests of such persons in the
solicitation of proxies in respect of the merger will be included
in the registration statement and the joint proxy
statement/prospectus to be filed with the SEC in connection with
the proposed transaction. CONTACT: Ken Huseman of Horsepower
Holdings, Inc., 432-620-5510 DATASOURCE: Horsepower Holdings, Inc.
CONTACT: Ken Huseman of Horsepower Holdings, Inc., +1-432-620-5510
Web site: http://www.basicenergyservices.com/
http://www.gwdrilling.com/
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