Ranger Energy Services’ Acquisition of Basic Energy Services

Winston & Strawn represented Ranger Energy Services in the transaction.

Ranger Energy Services, Inc. (NYSE: RNGR), an independent provider of well service rigs and associated services in the United States, finalized its acquisition of certain assets of Basic Energy Services, Inc. and its subsidiaries through its controlled subsidiary Ranger Energy Acquisition, LLC. The assets were sold by Basic as part of its bankruptcy process. The agreement to purchase the assets was approved by the United States Bankruptcy Court on September 23, 2021. The purchase price of approximately $36.65 million was paid with proceeds from the private placement described below.

As previously announced, in connection with the acquisition, the Company’s controlled subsidiary RNGR Energy Services, LLC entered into a credit facility on September 27, 2021 with Eclipse Business Capital LLC as the sole administrator and collateral agent and Eclipse Business Capital SPV, LLC as the sole lender, for a new $77.5 million credit facility consisting of a $50 million revolving credit facility, a $12.5 million M&E term loan facility and a $15 million term loan B facility.

Concurrent with the close of the acquisition, the Company also closed its previously announced private placement of $42 million of shares of its newly issued Series A Convertible Preferred Stock to certain accredited investors.

In addition, concurrent with the close of the acquisition, Ranger LLC and the Company completed the previously announced redemption of the outstanding units of Ranger LLC and of corresponding shares of Class B Common Stock of the Company held by affiliates of CSL Capital Management, L.P. and Bayou Well Holdings Company, LLC for an equivalent number of shares of Class A Common Stock of the Company. Following the redemptions, no shares of Class B Common Stock of the Company are issued and outstanding.

The Winston & Strawn team included Andrew D. Betaque (Picture), Jeff Cole, Charles T. Haag, Stephen T. Kong, Eleni Kouimelis, Daniel J. McGuire, Matthew R. Stockstill, Douglas A. Yeager, Madalyn G. Brown, Ben Chrisman, Laura Krucks, Mary Katherine Kulback, Danielle Olson Marr, Kelsey R. McKeag, Jennifer L. Ybarra, Brian C. Jansen, Jennifer L. Ybarra, and Cem Uyar.

Involved fees earner: Andrew Betaque – Winston & Strawn; Madalyn Brown – Winston & Strawn; Benjamin Chrisman – Winston & Strawn; Jeff Cole – Winston & Strawn; Charles Haag – Winston & Strawn; Brian Jansen – Winston & Strawn; Stephen Kong – Winston & Strawn; Eleni Kouimelis – Winston & Strawn; Laura Krucks – Winston & Strawn; Mary Katherine Kulback – Winston & Strawn; Daniel McGuire – Winston & Strawn; Kelsey McKeag – Winston & Strawn; Danielle Olson Marr – Winston & Strawn; Matthew Stockstill – Winston & Strawn; Cem Uyar – Winston & Strawn; Jennifer Ybarra – Winston & Strawn; Douglas Yeager – Winston & Strawn;

Law Firms: Winston & Strawn;

Clients: Ranger Energy Services;