Flotek Industries Announces Agreement to Repurchase Senior Secured Convertible ...
/PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) announced today that it has entered into a Repurchase Agreement (the "Agreement") with the holders of the Company's 5.25% Senior Secured Convertible Notes due in 2028 (the "Notes").Under the terms of the Agreement Flotek will pay the holders of the Notes 104.95% of the principal amount plus accrued interest at closing. All of the holders of the notes have agreed to participate in the redemption process which will retire approximately $36 million of Flotek indebtedness. The payment, which will be in cash, will come from Company cash balances.
"Flotek is delighted to announce this transformational transaction as we conclude 2011 that significantly strengthens our balance sheet," said John Chisholm, Chairman of the Board and President of Flotek. "Our cash generation in 2011 combined with our outlook for 2012 created the opportunity to continue the fundamental improvement of our balance sheet. In the past nine months we have reduced our indebtedness by nearly 50%, or nearly $70 million. This redemption is done with no dilution to shareholders, at a premium less than the interest due in the coming 12 months, and leaves Flotek with an abundance of liquidity to execute our 2012 growth plan. Moreover, it removes any doubt and distraction regarding Flotek's ability to deal with its future debt obligations."
These posts have been going through the EIA list of the top oil producers in the world, over the past few weeks, I thought I might just review them collectively, but briefly, before starting to look at individual countries and oilfields.
NATO on Thursday dismissed Libyan claims that Britain had struck the North African country's largest oil field, blaming Moammar Gadhafi's forces for the attacks that halted production. The eastern Sarir and Messla fields came under fire just as the