Proceeds to repay notes, revolver and for general corporate purposes
By Devika Patel
Knoxville, Tenn., June 21 – Tetra Technologies, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $8.25 million greenshoe in full, lifting total proceeds of the offering to $63.25 million. The deal was announced June 15 and priced for $55 million with the greenshoe on June 16.
The company sold 11.5 million common shares at $5.50 per share. The price per share is a 13.79% discount to the June 15 closing share price of $6.38. Of the shares, 1.5 million were part of the fully exercised greenshoe.
BofA Merrill Lynch and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to repay debt outstanding under the company’s senior secured notes and revolving credit facility and for general corporate purposes.
Tetra is a diversified oil and gas services company based in the Woodlands, Texas.
| Issuer: | Tetra Technologies, Inc.
|
| Issue: | Common stock
|
| Amount: | $63.25 million, including $8.25 million greenshoe of 1.5 million shares
|
| Shares: | 11.5 million
|
| Price: | $5.50
|
| Warrants: | No
|
| Bookrunners: | BofA Merrill Lynch and Wells Fargo Securities KKC
|
| Co-managers: | J.P. Morgan Securities LLC, RBC Capital Markets, DNB Markets and Comerica Securities
|
| Announcement date: | June 15
|
| Pricing date: | June 16
|
| Settlement date: | June 21
|
| Stock symbol: | NYSE: TTI
|
| Stock price: | $6.38 at close June 15
|
| Market capitalization: | $467.37 million
|
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