Allis-Chalmers Completes Rights Offering

Allis-Chalmers Energy has consummated the sale of 15,794,644 shares of its common stock pursuant to its previously announced rights offering, at a price of $2.50 per share, for aggregate gross proceeds of approximately $39.5 million.

These proceeds do not include the proceeds from Allis-Chalmers' previously announced backstop arrangement with Lime Rock Partners V, L.P., which is anticipated to close tomorrow, June 26, 2009. Allis-Chalmers intends to use the net proceeds of the rights offering to repay indebtedness outstanding under its bank credit facility and senior notes.

Related Companies

Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours