Winston & Strawn LLP Represents Ranger Energy Services, Inc.

Winston & Strawn LLP represented Ranger Energy Services, Inc. (NYSE: RNGR), an independent provider of well service rigs and associated services in the United States, in the closing of its previously announced 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.

Press Release: https://www.businesswire.com/news/home/20211001005742/en/Ranger-Energy-Services-Inc.-Completes-Acquisition-of-Basic-Energy-Services-Assets-From-Chapter-11-Bankruptcy

Winston Team

Matt Stockstill, Lead Partner, Dallas

Jeff Cole, Lead Partner, Dallas

Charlie Haag, Lead Partner, Dallas

Dan McGuire, Lead Partner, Chicago

Andrew Betaque, Partner, Dallas

Stephen Kong, Partner, Los Angeles

Eleni Kouimelis, Partner, Chicago

Doug Yeager, Partner, Houston

Madalyn Brown, Associate, Chicago

Ben Chrisman, Associate, Dallas

Andrew Homann, Law Clerk, Dallas

Brian Jansen, Associate, Dallas

Laura Krucks, Associate, Chicago

Mary Katherine Kulback, Associate, Chicago

Danielle Marr, Associate, Dallas

Kelsey McKeag, Associate, Dallas

Cem Uyar, Associate, Dallas

Jennifer Ybarra, Associate, Dallas