Warrior Energy Services Prices Public Offering
Warrior Energy Services Corporation announced the pricing of its public offering of 8,220,000 shares of its common stock at $23.50 per share. Warrior is selling 7,627,534 shares of common stock, while the remaining 592,466 shares are being sold by selling stockholders. The number of shares of common stock to be sold represents an increase of 1,220,000 shares from the 7,000,000 of common stock reflected in Amendment No. 1 to the Registration Statement on Form S-1. Warrior expects to receive approximately $163.5 million of proceeds from the offering, net of underwriting fees and estimated expenses. Warrior intends to use the proceeds to simplify its capital structure by repurchasing outstanding derivative securities and to reduce debt.
In addition, Warrior has granted the underwriters a 30-day option to purchase up to an additional 1,233,000 shares of common stock to cover over-allotments, if any.
The offering is expected to close on April 24, 2006, subject to customary closing conditions. The shares have been approved for trading on the Nasdaq National Market under the symbol "WARR." The previous trading symbol for the common stock on the over-the-counter market, as quoted in the Pink Sheets, was "WGSV."
Raymond James & Associates, Inc. and Simmons & Company International are acting as lead underwriters of the offering, and Johnson Rice & Company L.L.C. is acting as co-manager. Copies of the prospectus relating to the offering may be obtained from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, or by phone: (800) 248-8863.
Warrior Energy Services Corporation is an oil and gas well services
company that provides cased-hole wireline and well intervention services to
exploration and production companies.
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