HOUSTON, June 22, 2012 (GLOBE NEWSWIRE) -- As previously announced, Oil States International, Inc. (NYSE:OIS) has given notice to holders of the $174,990,000 outstanding principal amount of its 2 3/8% Contingent Convertible Senior Notes due 2025 (CUSIP Nos. 678026AB1 and 678026AA3) (the "Notes") that it will redeem all of the Notes on July 6, 2012 (the "Redemption Date") at a redemption price equal to $1,000 per $1,000 principal amount of the Notes, plus any accrued and unpaid interest up to, but not including, the Redemption Date.
In lieu of surrendering Notes for redemption, Note holders may elect to convert the Notes at any time prior to 5:00 p.m., New York City time, on July 5, 2012, which is the business day prior to the Redemption Date, based on a conversion rate of 31.496 shares of Oil States' common stock per $1,000 principal amount of the Notes. As set forth in the indenture governing the Notes, the outstanding principal amount of any converted Notes will be paid in cash, and the remaining conversion value will be paid in shares of Oil States' common stock. The conversion value will be determined based on the volume-weighted average price of Oil States' common stock over the ten trading day period beginning on the second trading day following the date on which such Notes are surrendered for conversion. Holders who wish to convert their Notes must comply with the procedures set forth in the indenture governing the Notes and surrender their notes to Wells Fargo Bank, National Association, as conversion agent, through the facilities of the Depository Trust Company.
The notice to Note holders specifying the terms, conditions and procedures for the redemption is available through The Depository Trust Company and Wells Fargo Bank, National Association, as paying agent, at: Wells Fargo Bank, National Association, Corporate Trust Operations, MAC N9303-121, 6th and Marquette Avenue, Minneapolis, MN 55479; phone: (800) 344-5128; fax: (612) 667-6282.
This press release is for informational purposes only and is not an offer to purchase, or the solicitation of an offer to purchase, the Notes.
About Oil States International, Inc.
Oil States International, Inc. is a diversified oilfield services company and is a leading, integrated provider of remote site accommodations with prominent market positions in the Canadian oil sands and the Australian mining regions. Oil States is also a leading manufacturer of products for deepwater production facilities and subsea pipelines as well as a provider of completion-related rental tools, oil country tubular goods distribution and land drilling services to the oil and gas industry. Oil States International, Inc. is a publicly traded company on the New York Stock Exchange under the ticker symbol OIS.
For more information on the Company, please visit Oil States International's website at http://www.oilstatesintl.com.
The Oil States International, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6058
CONTACT: Company Contact:
Bradley J. Dodson
Oil States International, Inc.
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Oil States International, Inc.