Platinum to use IPO proceeds to redeem 14¼% notes due 2015, preferreds

By Toni Weeks

San Diego, Sept. 27 - Platinum Energy Solutions, Inc. intends to use a portion of the proceeds of its planned $300 million initial public offering of stock to redeem its 14¼% senior secured notes due March 1, 2015 and $20 million of the proceeds to redeem its series A preferred stock, according to an S-1 filing with the Securities and Exchange Commission.

The remaining proceeds will be used for capital expenditures, working capital and other general corporate purposes.

Platinum is a Houston-based oilfield services provider specializing in hydraulic fracturing, coiled tubing and pressure pumping services.

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