Superior Well Services raises $72.45 million through public offering of common stock

Thu. November 05, 2009; Posted: 01:28 PM

Nov 05, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- SWSI | Quote | Chart | News | PowerRating -- Superior Well Services, Inc., a US-based oilfield services company, has completed its public offering of 6.9 million shares of common stock, which includes the full exercise of the underwriters' over-allotment option of 0.9 million shares, at a price of $10.50 per share raising gross proceeds of $72.45 million.

Update on October 28, 2009:

Superior Well Services has priced a public offering of 6 million shares of its common stock at a price of $10.50 per share to raise gross proceeds of $63 million.

Superior Well Services has also granted the underwriters an option to purchase up to an aggregate of 0.9 million additional shares of common stock to cover over-allotments, if any.

Announcement (October 27, 2009):

Superior Well Services is planning to issue 6 million shares of its common stock in a public offering.

Superior Well will grant the underwriters an option to purchase up to 0.9 million additional shares of its common stock to cover over-allotments.

Merrill Lynch, Pierce, Fenner & Smith Incorporated is acting as book-running manager for the offering. KeyBanc Capital Markets, Inc., Johnson Rice & Company L.L.C., Macquarie Capital (USA), Inc., RBC Capital Markets Corporation, Simmons & Company International, Tudor, Pickering, Holt & Co. Securities, Inc., PNC Capital Markets LLC, RBS Securities, Inc., and Stephens, Inc. are acting as underwriters for the offering.

Deal Value (US$ Million) 72.45
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-11-03

Deal Participants

Target (Company) Superior Well Services, Inc.

Deal Rationale

The net proceeds from the offering will be used for debt repayment.

Offer Price ($ per share) 10.5
No. Shares Issued         6900000

For full details on Superior Well Services Inc (SWSI) click here. Superior Well Services Inc (SWSI) has Short Term PowerRatings of 5. Details on Superior Well Services Inc (SWSI) Short Term PowerRatings is available at This Link.

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