FTS International, Inc. Announces Extension of Early Participation Deadline

FORT WORTH, Texas--(BUSINESS WIRE)-- FTS International, Inc. (“FTS”) announced today that the early participation deadline for its previously announced offer to purchase (the “Tender Offer”) its outstanding 6.250% Senior Secured Notes due 2022 (the “Notes”) and concurrent offer to repay (the “Term Loan Offer” and, together with the Tender Offer, the “Offers”) its Term Loan due 2021 (the “Term Loan” and together with the Notes, the “Debt”) is extended to 11:59 p.m., New York City time, on July 1, 2016 (as may be extended, the “Early Participation Deadline”). All terms and conditions of the Offers other than the Early Participation Deadline remain unchanged.

In the Offers, the price FTS will pay for the Debt validly tendered or submitted will be determined in accordance with a modified Dutch auction procedure on the terms and conditions set forth in the Offer to Purchase dated June 6, 2016 (the “Offer to Purchase”) and the Auction Notice, as amended, and the Alternate Auction Procedures (the “Term Loan Documents”).

Holders that validly tender Notes or lenders that submit a Lender Participation Notice pursuant to the Offers prior to the Expiration Time (as defined below) will receive the “Total Consideration,” including an early participation payment of $50.00 per $1,000 principal amount of Debt tendered or submitted in the Offers.

The Offers are scheduled to expire at 11:59 p.m., New York City time, on July 1, 2016 (as may be extended, the “Expiration Time”). The withdrawal deadline has passed and has not been extended. Holders of Notes no longer have the right to withdraw their tender of Notes. Lenders that validly submit a Lender Participation Notice for the Term Loan Offer also do not have the right to withdraw such notice.

The Offers are conditioned upon the satisfaction or waiver of certain conditions as described in the Offer to Purchase and the Term Loan Offer Documents.

FTS has retained Wells Fargo Securities, LLC, who is acting as lead dealer manager, and Lazard Frères & Co. LLC, who is acting as dealer manager, to serve as dealer managers for the Tender Offer and as auction managers for the Term Loan Offer. FTS has approved Global Bondholder Services Corporation (“GBS”) to serve as the depositary and information agent for the Tender Offer.

For additional information regarding the terms of the Offers, please contact Wells Fargo Securities, LLC at (866) 309-6316 (toll free) or (704) 410-4760 (collect) or Lazard Frères & Co. LLC at (877) 364-0850 (toll free) or (212) 632-1979 (collect). Requests for documents and questions regarding the Tender Offer should be directed to GBS at (212) 430-3774 (banks and brokers) or (866) 924-2200 (all others).

None of FTS, its stockholders, directors or officers, the dealer managers, GBS or the trustee or administrative agent for the Debt, or any of their respective affiliates, is making or made any recommendation as to whether holders should tender any Notes or lenders should submit a Lender Participation Notice with respect to any Term Loan in response to the Offers. Holders and lenders must make their own decision as to whether to tender any of their Notes or whether to submit a Lender Participation Notice and, if so, the principal amount of Notes to tender or Term Loan to include in its Lender Participation Notice.

This announcement does not constitute an offer to buy or the solicitation of an offer to sell securities. The Offers are being made solely by means of the Offer to Purchase, the related Letter of Transmittal, and the Term Loan Offer Documents, as amended by this press release. In those jurisdictions where the securities, blue sky or other laws require any tender offer to be made by a licensed broker or dealer, the Offers will be deemed to be made on behalf of FTS by the dealer managers or one or more registered brokers or dealers licensed under the laws of such jurisdictions.

About FTS International

FTS International is the largest private well completion service company in North America. The company provides well completion services, including pressure pumping, wireline and reservoir optimization technologies. Exploration and production companies use FTS’s products, services and expertise to enhance recovery rates from oil and gas wells, primarily in unconventional plays.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160620005361/en/

FTS International, Inc.
Investor Contact
Lance Turner, CFO, 817-862-2000
[email protected]
or
Media Contact
Karen Testa, 817-339-2608
[email protected]

Source: FTS International, Inc.

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