HOUSTON, June 5 /PRNewswire-FirstCall/ -- BJ Services Company (NYSE:
BJS; CBOE; PCX) announced today that it has priced an offering of $500
million aggregate principal amount of Senior Notes comprised of $250
million of floating rate Senior Notes due 2008, with an annual interest
rate of three-month LIBOR plus 17 basis points, and $250 million of 5.750%
Senior Notes due 2011. The floating rate Senior Notes due 2008 are
redeemable, in whole or in part, at the Company's option on any interest
payment date on or after June 1, 2007, at a redemption price equal to
100.00% of the principal amount of the notes to be redeemed, plus accrued
and unpaid interest, if any, to the redemption date. The net proceeds from
the offering of approximately $497.1 million, after deducting underwriting
discounts and commissions and expenses, will be used to repurchase
outstanding shares of common stock, repay indebtedness, fund capital
expenditures and for other corporate purposes.
A registration statement relating to the Senior Notes was filed with,
and became effective under the rules of, the U.S. Securities and Exchange
Commission. The Company offered the Senior Notes to the public by means of
a prospectus and prospectus supplement, which are part of the registration
statement. Merrill Lynch & Co. acted as sole book-running manager on the
transaction.
BJ Services Company is a leading provider of pressure pumping and other
oilfield services to the petroleum industry.
This announcement is neither an offer to sell nor a solicitation of an
offer to buy any of these securities and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offer, solicitation
or sale is unlawful.
(NOT INTENDED FOR DISTRIBUTION TO BENEFICIAL OWNERS)
SOURCE BJ Services Company
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Related links:
http://www.bjservices.com
CONTACT:
Jeff Smith of BJ Services Company,
+1-713-462-4239
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