AP NEWS
Press release content from PR Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

Bayside Capital, Inc. Disclosure Of Information Provided By Superior Energy Services, Inc.

January 27, 2020 GMT

NEW YORK, Jan. 27, 2020 /PRNewswire/ -- Pursuant to the terms of that certain Letter Agreement, dated January 20, 2020 (the “Confidentiality Agreement”), Bayside Capital, Inc. (“Bayside”), is disclosing certain confidential information regarding Superior Energy Services, Inc. (together with its direct and indirect subsidiaries and affiliates, the “Company”) provided by the Company pursuant to the terms thereof.

Bayside is a holder of certain of the Company’s 7.125% Senior Notes due 2021 issued by the Company (the “Notes”). Together with certain other holders of the Notes (collectively, the “Noteholders”), Bayside has been engaged in confidential discussions with the Company regarding a potential liability management transaction or alternative transactions in which the Company would offer to exchange some of the Notes, and certain Noteholders would agree to commit to exchange some of their Notes, for a combination of (a) new notes and (b) cash. As of January 20, 2020, the Noteholders engaged in such discussions collectively held a majority of the Notes. A summary of the material terms of the most recent offer by the Company and the Noteholders with respect to such an exchange transaction is attached hereto as Schedule A (the “Term Sheet Summary”). As outlined in the Term Sheet Summary, the proposed exchange transaction contemplates, among other things, a debt exchange, an amendment to the terms of the Notes and a cash payment from the Company to the Noteholders.

Pursuant to the terms of the Confidentiality Agreement, Bayside is entitled to disclose certain confidential information if the Company fails to do so. As the Company has failed to disclose such information pursuant to the terms of the Confidentiality Agreement, Bayside is disclosing such information, as set forth in this press release and on Schedule A attached hereto, in accordance with the terms of the Confidentiality Agreement.

Bayside makes no representation or warranty as to the accuracy of the information nor shall it have any liability for such information. The descriptions of the proposed exchange transaction do not purport to be complete and are qualified in their entirety by reference to the Term Sheet Summary.

View original content to download multimedia: http://www.prnewswire.com/news-releases/bayside-capital-inc-disclosure-of-information-provided-by-superior-energy-services-inc-300993556.html

SOURCE Bayside Capital, Inc.