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BAS > SEC Filings for BAS > Form 8-K on 30-Aug-2013All Recent SEC Filings

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Form 8-K for BASIC ENERGY SERVICES INC


30-Aug-2013

Entry into a Material Definitive Agreement, Financial Statements and Ex


Item 1.01 Entry into a Material Definitive Agreement.

On August 29, 2013, Basic Energy Services, Inc. ("Basic") entered into Amendment No. 5 to Credit Agreement, Amendment No. 1 to Security Agreement and Amendment No. 1 to Guaranty (collectively, "Amendment No. 5") for its existing secured revolving credit facility with the lenders party thereto and Bank of America, N.A., as administrative agent, that, among other things:

adds an additional pricing level to the applicable margin, whereby the margin will be 3.5% for Eurodollar loans and 2.5% for base rate loans if Basic's consolidated leverage ratio equals or exceeds 4.00x;

amends the definition of Consolidated EBITDA to exclude the effect of an $8.0 million charge that Basic incurred in the second quarter of 2013 in connection with the proposed settlement of a pending legal matter;

amends the maximum consolidated leverage ratio that Basic must maintain as follows:

o for the four fiscal quarters ending September 30, 2013 and December 31, 2013, a maximum consolidated leverage ratio not to exceed 4.50:1.00;

o for the four fiscal quarters ending March 31, 2014 and June 30, 2014, a maximum consolidated leverage ratio not to exceed 4.25:1.00; and

o for the four fiscal quarters ending September 30, 2014 and each fiscal quarter thereafter, a maximum consolidated leverage ratio not to exceed 4.00:1.00; and

amends the maximum consolidated senior secured leverage ratio Basic must maintain as follows:

o for the four fiscal quarters ending September 30, 2013 through June 30, 2014, a maximum consolidated senior secured leverage ratio not to exceed 1.75:1.00; and

o for the four fiscal quarters ending September 30, 2014 and each fiscal quarter thereafter, a maximum consolidated senior secured leverage ratio not to exceed 2.00:1.00.

The description set forth above is qualified in its entirety by reference to the full text of Amendment No. 5, which is being filed as Exhibit 10.1 hereto and is incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 10.1 Amendment No. 5 to Credit Agreement, Amendment No. 1 to Security Agreement and Amendment No. 1 to Guaranty dated August 29, 2013, to Credit Agreement dated as of February 15, 2011 by and among Basic Energy Services, Inc., the lenders party thereto and Bank of America, N.A., as administrative agent, a swing line lender and l/c issuer.


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