By Paul A. Harris
Portland, Ore., Aug. 7 – US Shale Solutions, Inc. sold 210,000 notes and warrants units on Thursday, according to an informed source.
The units, which sold for $970.00 each, are comprised of $1,000 of non-callable 12˝% senior secured notes due Sept. 1, 2017 (B3/B-/) with attached penny warrants for 2.78 shares of the company’s common stock.
The notes yield 13.737%.
The deal, which generated $203.7 million of proceeds, priced on top of talk.
Jefferies LLC was the bookrunner.
Proceeds will be used to finance the acquisition of Ritter Construction, W. Pidhirney Welding, Culberson Construction and J4 Fluid Services.
The issuer is a Houston-based full-service provider of infrastructure, fluids and completion services to energy companies.
| Issuer: | US Shale Solutions, Inc.
|
| Face amount: | $210 million
|
| Proceeds: | $203.7 million
|
| Securities: | 210,000 units comprised of $1,000 of 12˝% senior secured notes due Sept. 1, 2017 and penny warrants for 2.78 shares of common stock
|
| Bookrunner: | Jefferies LLC
|
| Note coupon: | 12˝%
|
| Unit price: | $970.00
|
| Note yield: | 13.737%
|
| Call protection: | Non-callable
|
| Equity clawback: | 35% at 112.5 until Sept. 1, 2016
|
| Change-of-control put: | 101%
|
| Trade date: | Aug. 7
|
| Settlement date: | Aug. 19
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 12˝% coupon at 97
|
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