Bookrunners Morgan Stanley and Johnson Rice assist company with deal
By Devika Patel
Knoxville, Tenn., April 25 – Independence Contract Drilling, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $6.04 million greenshoe in full, lifting total proceeds of the offering to $46.29 million. The deal was announced April 20 and priced for $40.25 million with the greenshoe on April 21.
The company sold 13,225,000 common shares at $3.50 per share. The price per share reflects a 28.72% discount to the April 20 closing share price of $4.91. Of the shares, 1,725,000 were part of the fully exercised greenshoe.
Morgan Stanley & Co. LLC and Johnson Rice & Co. LLC were 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.
| Issuer: | Independence Contract Drilling, Inc.
|
| Issue: | Common stock
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| Amount: | $46,287,500, including $6,037,500 greenshoe of 1,725,000 shares
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| Shares: | 13,225,000
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| Price: | $3.50
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| Warrants: | No
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| Bookrunners: | Morgan Stanley & Co. LLC and Johnson Rice & Co. LLC
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| Announcement date: | April 20
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| Pricing date: | April 21
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| Settlement date: | April 25
|
| Stock symbol: | NYSE: ICD
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| Stock price: | $4.91 at close April 20
|
| Market capitalization: | $95.16 million
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