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 (Date of earliest event reported): July 29, 2011 (July 27, 2011)
KEY ENERGY SERVICES, INC.
(Exact name of registrant as specified in its charter)
Maryland | 001-08038 | 04-2648081 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1301 McKinney Street, Suite 1800 Houston, Texas | 77010 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code:713/651-4300
(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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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• | increasing, from $500.0 million to $650.0 million, the maximum aggregate amount of commitments permitted under the Credit Agreement pursuant to the Company’s option to increase commitments by the lenders; and | ||
• | amending the requirement that the Company maintain a debt to capitalization ratio of consolidated total funded indebtedness to total capitalization of 45% or less by changing the maximum required ratio to the following percentages during each corresponding period: |
Fiscal Quarter Ending | Ratio | |
June 30, 2011 through March 31, 2012 | 50% | |
June 30, 2012 and September 30, 2012 | 47.5% | |
December 31, 2012 and thereafter | 45% |
10.1 | First Amendment to Credit Agreement, dated as of July 27, 2011, among Key Energy Services, Inc., each of the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, and Capital One, N.A., Wells Fargo Bank, N.A., Credit Agricole Corporate and Investment Bank and DnB NOR Bank ASA, as co-documentation agents. | ||
99.1 | Press release of Key Energy Services, Inc. issued July 28, 2011 reporting results for the quarter ended June 30, 2011. |
KEY ENERGY SERVICES, INC. | ||||
Date: July 29, 2011 | By: | /s/ KIMBERLY R. FRYE | ||
Kimberly R. Frye | ||||
Senior Vice President and General Counsel | ||||
Exhibit | ||
No. | Description | |
10.1 | First Amendment to Credit Agreement, dated as of July 27, 2011, among Key Energy Services, Inc., each of the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, and Capital One, N.A., Wells Fargo Bank, N.A., Credit Agricole Corporate and Investment Bank and DnB NOR Bank ASA, as co-documentation agents. | |
99.1 | Press Release of Key Energy Services, Inc. issued July 28, 2011 reporting results for the quarter ended June 30, 2011. |