Houston-based oilfield services provider Platinum Energy Solutions Inc. closed its offer to exchange up to $173.1 million aggregate principal amount of 14.250% Senior Secured Notes due 2015 for a like principal amount of its outstanding 14.250% Senior Secured Notes due 2015, of which $115 million of Existing Notes were issued and sold on March 3, 2011, $8.1 million of Existing Notes were issued as of Sept. 1, 2011 upon capitalization of the interest payment on the Original Notes due on such date; and $50 million of Existing Notes were issued and sold on Sept. 29, 2011. An aggregate of $172.8 million in principal amount, or 99.8%, of the Existing Notes were tendered in the exchange offer, which expired on March 9.
The Existing Notes that were not tendered have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent such registration or an applicable exemption from the registration requirements of the Securities Act.
Platinum Energy Solutions, Inc. is a Houston, Texas based specializing in premium hydraulic fracturing, coiled tubing and other pressure pumping services. Platinum utilizes modern, high pressure-rated fracturing equipment that allows it to handle challenging geological environments, reduce operating costs, increase asset utilization and deliver excellent customer service.