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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): OCTOBER 25, 1999
BJ SERVICES COMPANY
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 001-10570 63-0084140
(STATE OR OTHER JURISDICTION (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER
OF INCORPORATION) IDENTIFICATION NO.)
5500 NORTHWEST CENTRAL DRIVE
HOUSTON, TEXAS 77092
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 462-4239
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ITEM 5. OTHER EVENTS
On October 25, 1999, BJ Services Company issued a press release
announcing the signing of a $144 million private financing arrangement
structured around the expected exercise of BJ Services' outstanding warrants at
the time of their expiration in April 2000. The press release is filed as
Exhibit 99.1 to this Current Report on Form 8-K, and the contents of such
Exhibit are incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release, dated October 25, 1999.
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SIGNATURE
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.
BJ SERVICES COMPANY
By: /S/ MARGARET BARRETT SHANNON
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Margaret Barrett Shannon
Vice President -- General Counsel and Secretary
Date: October 29, 1999
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Exhibit 99.1
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PRESS RELEASE
CONTACT: MIKE MCSHANE (713) 462-4239
RELEASE: IMMEDIATELY
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BJ SERVICES ANNOUNCES PRIVATE FINANCING
Houston, Texas. October 25, 1999. BJ Services Company (BJS-NYSE, CBOE) announced
the signing of a $144 million private financing arrangement structured around
the expected exercise of BJ Services' outstanding warrants at the time of their
expiration in April 2000. The effect of the transaction is essentially the same
as if all the outstanding warrants to purchase common stock were exercised now
as to shares outstanding, debt reduction and interest expense reduction.
The transaction involves the private placement of approximately four million
shares of common stock with certain financial institutions at a price of $35.75
per share. Proceeds from the private placement will be utilized to repay
outstanding debt. The Company has also entered into privately negotiated option
agreements pursuant to which it currently intends to repurchase an equivalent
number of shares in April 2000 at a price of $36.99 per share. The Company
expects to use proceeds from warrant exercises or, if the warrants are not
exercised, borrowings under existing credit facilities to fund the repurchase.
The securities mentioned in this release have not been registered under the
Securities Act of 1933 or any state securities law, and unless so registered,
may not be offered or sold in the United States except pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws.
BJ Services Company is a leading provider of pressure pumping and other oilfield
services to the petroleum industry.
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(NOT INTENDED FOR DISTRIBUTION TO BENEFICIAL OWNERS)
