UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: December 22, 2009
(Date of earliest event reported)
Forbes Energy Services Ltd.
(Exact Name of Registrant as Specified in Its Charter)
| | | | |
| Bermuda | | 333-150853-04 | | 98-0581100 |
(State or other jurisdiction of incorporation or organization) | | (Commission File Number) | | (I.R.S. Employer Identification Number) |
| | |
3000 South Business Highway 281 Alice, Texas | | 78332 |
| (Address of Principal Executive Offices) | | (Zip Code) |
(361) 664-0549
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 – Other Events
Forbes Energy Services Ltd. today completed its previously announced bought deal financing with Paradigm Capital Inc. for gross proceeds of $17,250,000, which includes $2,250,000 from the over-allotment option granted to the underwriters which was exercised in full. In total, Forbes issued 21,562,500 common shares at an issue price of $0.80 per common share.
It is the Company’s present intention to use the proceeds of the financing to repurchase a portion of its currently outstanding senior secured notes, for growth in Mexico and Pennsylvania and for working capital to take advantage of overall increased industry activity levels, such as in the Eagle Ford Shale in South Texas.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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| | | | Forbes Energy Services Ltd. |
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| Date: December 22, 2009 | | | | By: | | /S/ L. MELVIN COOPER |
| | | | | | L. Melvin Cooper |
| | | | | | Senior Vice President, Chief Financial Officer and Assistant Secretary |
