Frank s International NV Completes Initial Public Offering

Wednesday, 14 Aug 2013 04:15pm EDT 

Frank s International NV announced that it has completed its initial public offering of 34,500,000 shares of its common stock at $22.00 per share, including the exercise in full by the underwriters of their option to purchase an additional 4,500,000 shares of common stock from the Company. Net proceeds received by the Company from the sale of 34,500,000 shares of common stock were approximately $711.9 million after deducting underwriting discounts and estimated offering expenses. The Company will use a portion of the net proceeds to repay in full outstanding notes payable to FWW B.V. (FWW), under which there was an aggregate of $415.4 million outstanding as of June 30, 2013. Following the completion of the offering, FWW owns 119,024,000 shares of the Company`s common stock, representing 57.6% of the voting power in the Company. The remaining net proceeds will be contributed to Frank`s International C.V. (FICV). FICV will use such proceeds for general corporate purposes. Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Simmons & Company International, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Goldman, Sachs & Co. and UBS Securities LLC acted as joint book-running managers for the offering. 

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