Proceeds from sale will be used to pay down company's credit facility
By Angela McDaniels
Tacoma, Wash., May 12 - Flotek Industries, Inc. entered into subscription agreements for a $29.5 million private placement of common stock. The company will sell 3,665,000 shares for $8.05 each.
The per-share price is a 12.88% discount to the company's $9.24 closing share price on May 11.
The placement was expected to settle on May 12, according to a company news release.
The proceeds will be used to repay debt under the company's secured credit facility.
Houston-based Flotek makes oilfield technologies such as specialty chemicals and down-hole drilling and production equipment.
| Issuer: | Flotek Industries, Inc.
|
| Issue: | Common stock
|
| Amount: | $29,503,250
|
| Shares: | 3,665,000
|
| Price: | $8.05
|
| Warrants: | No
|
| Agent: | None
|
| Settlement date: | May 12
|
| Stock symbol: | NYSE: FTK
|
| Stock price: | $9.24 at close May 11
|
| Market capitalization: | $376.55 million
|
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