Liberty Oilfield Services Inc. (NYSE: LBRT) (“Liberty”) announced today the pricing of an upsized initial public offering of 12,731,092 shares of its Class A common stock at $17.00 per share. The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “LBRT” on January 12, 2018.
In addition, Liberty and the selling shareholder granted the underwriters a 30-day option to purchase up to an additional 1,909,663 shares of Liberty’s Class A common stock at the initial public offering price, less underwriting discounts and commissions.
The offering is expected to close on January 17, 2018, subject to customary closing conditions.
Liberty expects to receive approximately $194.5 million of net proceeds from the offering, or $220.4 million if the underwriters exercise their option to purchase additional shares in full.
Liberty intends to contribute the net proceeds of the offering it receives to Liberty Oilfield Services New HoldCo LLC (“Liberty LLC”), its subsidiary, in exchange for limited liability company units in Liberty LLC (“Liberty LLC Units”). Liberty LLC intends to use such net proceeds to repay borrowings incurred under Liberty’s credit facility, to repay borrowings under Liberty’s term loan and for general corporate purposes, including funding a portion of Liberty’s 2018 and other future capital expenditures.
If the underwriters exercise their option to purchase additional shares, Liberty intends to use the proceeds it receives to redeem shares of Class A common stock or Liberty LLC Units from certain existing holders.
Morgan Stanley, Goldman Sachs & Co.
World demand for oil is growing very fast: Liberty Oilfield Services Chairman
LLC, Wells Fargo Securities, Citigroup, J.P. Morgan and Evercore ISI are acting as joint book-running managers for the offering.
The offering of these securities will be made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933. A copy of the prospectus may be obtained from:
- This high demand combined with the fact that more intense fracs are hard on equipment has prompted pumpers to cannibalize existing previously stacked fleets making their return to service more costly and a portion of the space less than reliable.