C&J Energy Services Inc. - 2011-07-29
Description
The company has priced its initial public offering of 11,500,000 shares of its common stock at $29 per share--totaling $333.5 million.
The company intends to use the net proceeds of approximately $113 million it receives from this offering to repay all outstanding indebtedness under its credit facility and any remaining net proceeds to partially fund the purchase price of its on-order hydraulic fracturing fleets. The company will not receive any proceeds from the sale of shares by the selling stockholders.
Goldman, Sachs & Co., J.P. Morgan and Citi are acting as joint book-running managers for the offering. Wells Fargo Securities, Simmons & Company International and Tudor, Pickering, Holt & Co. are acting as co-managers for the offering.