Key Developments For Superior Well Services, Inc.
Superior Well Services, Inc. (SWSI.O) (Nasdaq)
Superior Well Services, Inc. Announces Closing Of Public Offering Of Common Stock And Exercise Of Over Allotment
Superior Well Services, Inc. announced the public offering of 6,900,000 shares of common stock, which includes the full exercise of the underwriters' over-allotment option of 900,000 shares. All shares were sold at a price of $10.50 per share. The net proceeds of the offering, after deducting underwriting discounts and commissions but before estimated offering expenses, were approximately $68.8 million. All of the shares were offered by the Company pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. BofA Merrill Lynch served as book-running manager of the offering.
Superior Well Services, Inc. Announces Pricing Of Common Stock In Public Offering
Superior Well Services, Inc. announced the pricing of a public offering of 6.0 million shares of its common stock at $10.50 per share. All of the shares are being offered by Superior Well Services pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. Superior Well Services has also granted the underwriters an option to purchase up to an aggregate of 900,000 additional shares of common stock to cover over-allotments, if any. The Company intends to use the net proceeds from the offering, including any net proceeds from the underwriters' exercise of their over allotment option, to repay a portion of the indebtedness outstanding under the Company's credit facility. BofA Merrill Lynch is serving as book-running manager of the offering.
Superior Well Services, Inc. Announces Public Offering of Common Stock
Superior Well Services, Inc. announced that it has commenced a public offering of 6.0 million shares of common stock pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC). The underwriters for the offering will also have the option to purchase up to 900,000 additional shares of common stock to cover over-allotments, if any. The Company intends to use the net proceeds from the offering, including any net proceeds from the underwriters' exercise of their over-allotment option, to repay a portion of the indebtedness outstanding under the Company's credit facility. BofA Merrill Lynch is serving as book-running manager of the offering.
Marathon Oil Corporation Slects Superior Well Services, Inc. For EXCAPE Completion Process License
Superior Well Services, Inc. and Marathon Oil Corporation announced that have entered into a multi-year, non-exclusive license agreement for the EXCAPE Completion Process, effective July 1, 2009. The EXCAPE Completion Process, developed and patented by Marathon, is a total system concept that can increase reserve potential by strategically targeting discrete pay intervals. This unique technology in basic form consists of perforating guns mounted outside the casing and integral valves inside the casing for zonal isolation. All equipment is remotely actuated without wellbore intervention to facilitate the rapid, pin-point stimulation of reservoir sections.
Superior Well Services, Inc. Closes Acquisition Of Oilfield Service Assets From Diamondback Holdings, LLC
Superior Well Services, Inc. announced that it has closed its previously announced acquisition of certain oilfield service assets from Diamondback Holdings, LLC (Diamondback), a privately owned company. Superior acquired Diamondback's pressure pumping, fluid logistics and completion, production and rental tools business lines for $225 million in total consideration, subject to certain post-closing adjustments. The acquisition consideration consisted of $70 million in cash, $75 million of Series A 4% Convertible Preferred Stock (Preferred Stock) with a perpetual term and $80 million in Second Lien Notes. Each share of Preferred Stock is entitled to a liquidation preference of $1,000 per share and is convertible into 40 shares of common stock subject to adjustment (representing a conversion price of $25 per share based on the liquidation preference). The Second Lien Notes are due in November 2013 and are pre-payable without penalty at the Company's option. The interest rate on the Second Lien Notes is initially set at 7% and escalates 1% annually. As part of the acquisition, Superior will acquire 128,000 horsepower, 105 transports and trucks, 400 frac tanks and six water disposal wells.
