By Sheri Kasprzak
New York, Oct. 4 - Matrix Service Co. said it has completed a private placement of stock for $14.95 million.
The company issued 2.3 million shares at $6.50 each.
Proceeds from the offering will be used to repay a portion of the company's $35 million revolving credit line. The rest will be used for working capital.
Based in Tulsa, Okla., Matrix provides construction, repair and maintenance services to the petroleum, petrochemical and pipeline industries.
| Issuer: | Matrix Service Co.
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| Issue: | Stock
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| Amount: | $14.95 million
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| Shares: | 2.3 million
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| Price: | $6.50
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| Warrants: | No
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| Settlement date: | Oct. 4
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| Stock price: | $8.11 at close Oct. 3
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