Net proceeds to Boots & Coots, after deducting underwriting discounts and offering expenses, were approximately $25.0 million. Boots & Coots intends to use the net proceeds from the offering to fund international expansion opportunities in Algeria, other U.S. and international expansion opportunities and for general corporate purposes. Boots & Coots will not receive any proceeds from the sale of shares by Oil States.
The underwriters have also exercised their overallotment option for 3.9 million shares, 1.95 million shares of which will be sold by Boots & Coots and 1.95 million shares of which will be sold by Oil States Energy Services. Net proceeds to Boots & Coots from the exercise of the overallotment option, net of underwriting discounts, will be approximately $3.8 million, proceeds of which the company intends to use for general corporate purposes. The anticipated closing of the sale of the overalloted shares is April 26, 2007. ,P> Morgan Keegan & Company, Inc. acted as sole book-running manager of the offering and RBC Capital Markets Corporation acted as co-lead manager of the offering.
Boots & Coots International Well Control, Inc., Houston, Texas, provides a suite of integrated pressure control services to onshore and offshore oil and gas exploration companies around the world.
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