Independence Contract Drilling plans public sale of 8 million shares

Bookrunners Morgan Stanley and Johnson Rice assist company with deal

By Devika Patel

Knoxville, Tenn., April 20 – Independence Contract Drilling, Inc. plans to price a public offering of common stock with a 30-day greenshoe, according to a preliminary prospectus supplement filed Wednesday with the Securities and Exchange Commission.

The company will sell 8 million shares, with an additional 1.2 million shares as part of the greenshoe.

Morgan Stanley & Co. LLC and Johnson Rice & Co. LLC are the bookrunners,

Proceeds will be used to repay debt under the company’s $61.1 million revolving credit facility due 2018 and for general corporate purposes.

Independence is an integrated land drilling services provider based in Houston.

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