Bronco Drilling to Offer Three Million Shares
Bronco Drilling Company, Inc. (Nasdaq: BRNC) priced its underwritten public offering of 3,000,000 shares of common stock at a price of $22.75 per share. The Company is offering 1,700,000 shares and the selling stockholder is offering 1,300,000 shares. The selling stockholder has granted the underwriters an option to purchase up to an additional 450,000 shares of common stock to cover over-allotments, if any. The Company will not receive any proceeds from the offering and sale of shares by the selling stockholder.
The Company intends to use the net proceeds it receives from the offering to repay outstanding borrowings under its revolving credit facility.
Jefferies & Company, Inc. and Johnson Rice & Company L.L.C. are joint book-running managers for the offering. Raymond James & Associates, Inc. and Fortis Securities LLC are serving as co-managers. Copies of the prospectus relating to the offering may be obtained from the offices of Jefferies & Company, Inc. at 520 Madison Avenue, New York, NY 10022.
Bronco Drilling Company, Inc., headquartered in Oklahoma City, Oklahoma, is a provider of contract land drilling services to oil and natural gas exploration and production companies.
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