Dril-Quip to Offer 3 Million Shares of Common Stock

Dril-Quip, says that it has filed a preliminary prospectus supplement with the Securities and Exchange Commission relating to an underwritten public offering of 3 million shares of its common stock under an effective shelf registration statement. Subject to market and other conditions, Dril-Quip intends to sell 1.5 million shares of common stock and selling stockholders intend to sell 1.5 million shares of common stock. Dril-Quip will not receive any proceeds from the sale of the shares by the selling stockholders, all of whom are members of senior management of Dril-Quip and certain entities which they control. The underwriters will have an option to purchase up to an additional 450,000 shares to cover over-allotments, if any, from the selling stockholders and Dril-Quip. The selling stockholders will receive all proceeds from any exercise of the underwriters' over-allotment option until the aggregate public offering price of all shares of common stock sold by the selling stockholders in the offering would exceed $100 million. Dril-Quip will receive the additional proceeds, if any, from any exercise of the underwriters' over-allotment option.

The Company intends to use the net proceeds that it receives in this offering for general corporate purposes. UBS Investment Bank and Morgan Stanley are acting as joint book-running managers for the offering. In addition, Lehman Brothers is acting as a senior co-manager and Simmons & Company International and Howard Weil are co-managers for the offering.


Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours