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SUPERIOR ENERGY SERVICES, INC.

(SPNR)
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SUPERIOR ENERGY SERVICES INC : Entry into a Material Definitive Agreement, Other Events, Financial Statements and Exhibits (form 8-K)

11/15/2021 | 04:35pm EST

Item 1.01. Entry into a Material Definitive Agreement.

On November 15, 2021, SESI, L.L.C. ("Borrower"), SESI Holdings, Inc. ("Former Parent"), and the subsidiary guarantors party thereto entered into a Second Amendment and Waiver to Credit Agreement and First Amendment to Guaranty and Collateral Agreement (the "Second Amendment and Waiver to Credit Agreement") to (i) extend the deadline under the Credit Agreement, dated as of February 2, 2021 (as amended, supplemented or waived by that certain First Amendment and Waiver to Credit Agreement, dated as of May 13, 2021, that certain Waiver to Credit Agreement, dated as of May 28, 2021, and that certain Waiver to Credit Agreement, dated as of July 15, 2021, the "Credit Agreement"), by and among Borrower, Former Parent, the subsidiary guarantors, JPMorgan Chase Bank, N.A., as administrative agent and lender, and certain other financial institutions and other parties thereto as lenders, for the delivery of Superior Energy Services, Inc.'s consolidated unaudited financial statements as of and for the quarter ended September 30, 2021 and the calendar month ending October 31, 2021 to December 10, 2021, (ii) obtain a limited waiver of potential defaults under the Credit Agreement related to a delayed public filing of the quarterly report on Form 10-Q with respect to the fiscal quarter ended September 30, 2021 (including related financial statements) after the original deadline, and (iii) agree that until the quarterly unaudited financial statements and a revised borrowing base certificate in connection with such quarter is delivered, the lenders will not be required to make any advances requested by Borrower. In addition, the Credit Agreement was amended to, among other things, permit the disposition of the HB Onshore Rentals Business (as defined in the Second Amendment and Waiver to Credit Agreement).

The foregoing description of the Second Amendment and Waiver to Credit Agreement is a summary only and is qualified in its entirety by reference to the Second Amendment and Waiver to Credit Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 8.01. Other Events.

The Company and stockholders holding a majority of the Company's Class A common stock entered into an amendment to the Stockholders Agreement, dated as of November 15, 2021, by and among the Company and its stockholders, as amended by that certain First Amendment to the Stockholders Agreement, effective May 14, 2021, as further amended by that certain Second Amendment to the Stockholders Agreement, effective May 31, 2021, and as further amended by that certain Third Amendment to the Stockholders Agreement, effective as of July 14, 2021 (the "Fourth Amendment to the Stockholders Agreement"), effective as of November 15, 2021, extending the deadline to provide its stockholders the unaudited consolidated quarterly financial statements for the quarters ended September 30, 2021 to no later than December 10, 2021 and making certain technical amendments to the financial statement delivery mechanics.

Relationships regarding the Company and certain of its principal stockholders are more fully described in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2021, under the headings "Directors, Executive Officers and Corporate Governance - Board of Directors," "Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters - Principal Stockholders" and "Certain Relationships and Related Transactions, and Director Independence," and is incorporated herein by reference.

The foregoing description of the Fourth Amendment to the Stockholders Agreement is a summary only and is qualified in its entirety by reference to the Fourth Amendment to the Stockholders Agreement, a copy of which is attached as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.





(d) Exhibits




Exhibit
Number                                Exhibit Description

10.1           Second Amendment and Waiver to Credit Agreement and First Amendment
             to Guaranty and Collateral Agreement by and among SESI, L.L.C., SESI
             Holdings, Inc., the subsidiary guarantors party thereto, JPMorgan
             Chase Bank, N.A., as administrative agent and lender, and certain
             other financial institutions and other parties thereto as lenders

10.2           Fourth Amendment to the Stockholders Agreement by and among Superior
             Energy Services, Inc. and the stockholders party thereto

104          Cover Page Interactive Data File (embedded within the Inline XBRL
             document)

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