Key Developments: C&J Energy Services Inc (CJES.N)
19.12USD
23 May 2013
$-0.18 (-0.93%)
$19.30
$18.96
$19.25
$18.95
114,912
162,785
$25.34
$16.78
Latest Key Developments (Source: Significant Developments)
C&J Energy Services Inc Completes Acquisition Of Casedhole Holdings, Inc
C&J Energy Services Inc announced that it has completed the previously announced acquisition of all of the outstanding equity interests of Casedhole Holdings, Inc. and its operating subsidiaries, including Casedhole Solutions, Inc. The total consideration paid by C&J consisted of approximately $272.5 million in cash, plus preliminary closing adjustments of approximately $6.7 million related to excess working capital and certain capital expenditures. Full Article
C&J Energy Services Inc To Acquire Casedhole Holdings, Inc.
C&J Energy Services Inc announced that it has entered into a definitive purchase agreement to acquire all of the outstanding equity interests of Casedhole Holdings, Inc. and its operating subsidiaries, including Casedhole Solutions, Inc. (Casedhole), for approximately $272.5 million in cash, subject to customary closing adjustments. Headquartered in Houston, Texas, Casedhole is a multi-regional, independent provider of cased-hole wireline and other complementary services for energy producers in the United States. With 12 district locations, Casedhole provides services in the complex and demanding operating environments focusing on oily and liquids-rich basins. C&J is funding the purchase of Casedhole through $220 million drawn from the Company's senior secured revolving credit facility, with the remainder paid from cash on hand. The credit facility was increased to $400 million from $200 million in connection with the signing of the definitive purchase agreement and was led by Bank of America and Wells Fargo. With the closing of this credit facility, the Company has approximately $180 million of unused borrowing capacity. Wells Fargo served to introduce the transaction to C&J and Locke Lord LLP acted as legal advisor to C&J for the acquisition. Full Article
C&J Energy Services Inc Signs Two Year Contract For Sixth Hydraulic Fracturing Fleet
C&J Energy Services Inc announced that it has signed a two year contract with a independent E&P company for a 32,000 hp hydraulic fracturing fleet for operations in the Permian Basin on a full month take-or-pay basis. C&J expects to take full delivery of all pumps and initially ordered ancillary equipment in November 2011 and immediately deploy Fleet 6. At customer's request, and as contracted, C&J has ordered a complete second set of ancillary equipment for delivery in January 2012. Full Article
C&J Energy Services Inc Completes Initial Public Offering
C&J Energy Services Inc announced that it completed its Initial Public Offering of 13,225,000 shares of its common stock at a price of $29.00 per share, before underwriting discounts and commissions. C&J sold 4,300,000 shares in this offering, and the selling stockholders sold 8,925,000 shares, including 1,725,000 shares sold by the selling stockholders pursuant to the full exercise of the underwriters' option to purchase additional shares. The Company intends to use the net proceeds of approximately $113 million from this offering to repay all outstanding indebtedness under its credit facility and any remaining net proceeds to partially fund the purchase price of its on-order hydraulic fracturing fleets. The Company did not receive any proceeds from the sale of shares by the selling stockholders. Goldman, Sachs & Co., J.P. Morgan and Citigroup acted as joint book-running managers for the offering. Wells Fargo Securities, Simmons & Company International and Tudor, Pickering, Holt & Co. acted as co-managers for the offering. Full Article
C&J Energy Services Inc Prices Initial Public Offering of Common Stock
C&J Energy Services Inc announced the pricing of its initial public offering of 11,500,000 shares of its common stock at $29 per share. The shares are expected to begin trading on the New York Stock Exchange on July 29, 2011 under the ticker symbol CJES. The Company is selling 4,300,000 shares in this offering and the selling stockholders are selling 7,200,000 shares in this offering. In addition, certain of the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,725,000 shares at the same price per share. The offering is expected to close on August 3, 2011, subject to customary closing conditions. The Company intends to use the net proceeds of approximately $113 million it receives from this offering to repay all outstanding indebtedness under its credit facility and any remaining net proceeds to partially fund the purchase price of its on-order hydraulic fracturing fleets. The Company will not receive any proceeds from the sale of shares by the selling stockholders. Goldman, Sachs & Co., J.P. Morgan and Citi are acting as joint book-running managers for the offering. Wells Fargo Securities, Simmons & Company International and Tudor, Pickering, Holt & Co. are acting as co-managers for the offering. Full Article
C&J Energy Services Inc Launches Initial Public Offering
C&J Energy Services Inc announced that it has commenced an initial public offering of 11,500,000 shares of its common stock. The Company is offering 4,750,000 shares of its common stock and the selling stockholders named in the registration statement are offering 6,750,000 shares of the Company's common stock. Certain of the selling stockholders expect to grant the underwriters a 30 day option to purchase up to an additional 1,725,000 shares of the Company's common stock. The common stock will be listed on the New York Stock Exchange and traded under the symbol CJES. The Company intends to use the net proceeds it receives from this offering to repay all outstanding indebtedness under its credit facility and any remaining net proceeds to partially fund the purchase price of its on-order hydraulic fracturing fleets. The Company will not receive any proceeds from the sale of shares by the selling stockholders. The offering will be made pursuant to a registration statement on Form S-1 previously filed with the Securities and Exchange Commission. Goldman, Sachs & Co., J.P. Morgan and Citi are acting as joint book-running managers for the offering. Wells Fargo Securities, Simmons & Company International and Tudor, Pickering, Holt & Co. are acting as co-managers for the offering. Full Article
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