Newpark Resources, Inc. (NYSE: NR) announced today that it intends to offer, subject to market and other conditions, $100.0 million aggregate principal amount of convertible senior notes due 2021 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Notes are expected to pay interest semiannually and to be convertible as of June 1, 2021, and prior to that date, only upon specified circumstances. Upon conversion, the Notes may be settled, at Newpark's election, in shares of Newpark's common stock, cash or a combination of cash and shares. Newpark may not redeem the Notes at its election prior to their maturity date. Newpark expects to grant the initial purchasers an option to purchase up to $15.0 million principal amount of additional Notes, exercisable within 30 days. The final terms of the Notes, including the interest rate and conversion rate, will be determined by negotiations between Newpark and the initial purchasers of the Notes. Newpark intends to use the net proceeds from the offering to retire existing indebtedness and for general corporate purposes.