THE WOODLANDS, Texas,
June 21, 2016 /PRNewswire/ -- TETRA
Technologies, Inc. (NYSE:TTI) (the "Company" or "TETRA") announced
today that it closed its previously announced public offering of
11,500,000 shares of its common stock, including 1,500,000 shares
sold upon full exercise of the underwriters' option to purchase
additional shares of common stock, at a price to the public of
$5.50 per share.
The Company estimates net proceeds to TETRA from the offering to
be approximately $59.9 million, after
deducting the underwriting discounts and commissions and estimated
offering expenses. The Company expects to use the net
proceeds from the offering to repay indebtedness outstanding under
its senior secured notes and revolving credit facility and for
general corporate purposes.
BofA Merrill Lynch and Wells Fargo Securities acted as lead
underwriters and joint book-running managers for the offering.
This offering was being made pursuant to an effective shelf
registration statement previously filed with the Securities and
Exchange Commission ("SEC") on March
23, 2016. This offering was made solely by means of a
prospectus supplement filed with the SEC on June 16, 2016 and the accompanying base
prospectus relating to and describing the terms of the
offering. Copies of the prospectus supplement and the
accompanying base prospectus may be obtained for free by visiting
EDGAR on the SEC's website at www.sec.gov or, alternatively, from
BofA Merrill Lynch, NC1-004-03-43, 200 North College Street,
3rd Floor, Charlotte, North
Carolina 28255-0001, Attention: Prospectus Department or
email dg.prospectus_requests@baml.com or from Wells Fargo
Securities, LLC Equity Syndicate Department, 375 Park Avenue,
New York, New York 10152, or by
calling (800) 326-5897 or cmclientsupport@wellsfargo.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which the offer, solicitation or sale of these securities would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Company Overview and Forward Looking Statements
TETRA is a geographically diversified oil and gas services
company, focused on completion fluids and associated products and
services, water management, frac flowback, production well testing,
offshore rig cooling, compression services and equipment, and
selected offshore services including well plugging and abandonment,
decommissioning, and diving. TETRA owns an equity interest,
including all of the general partner interest, in CSI Compressco LP
(NASDAQ:CCLP), a master limited partnership.
This press release includes certain statements that are deemed
to be forward-looking statements. Generally, the use of words such
as "may," "expect," "intend," "estimate," "projects," "anticipate,"
"believe," "assume," "could," "should," "plans," "targets" or
similar expressions that convey the uncertainty of future events,
activities, expectations or outcomes identify forward-looking
statements that the Company intends to be included within the safe
harbor protections provided by the federal securities laws. These
forward-looking statements are based on certain assumptions and
analyses made by the Company in light of its experience and its
perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
in the circumstances. Such statements are subject to a number of
risks and uncertainties, many of which are beyond the control of
the Company. Investors are cautioned that any such statements are
not guarantees of future performances or results and that actual
results or developments may differ materially from those projected
in the forward-looking statements. Some of the factors that could
affect actual results are described in the section titled "Risk
Factors" contained in the Company's Annual Report on Form 10-K for
the year ended December 31, 2015, as
well as other risks identified from time to time in its reports on
Form 10-Q and Form 8-K filed with the Securities and Exchange
Commission.
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SOURCE TETRA Technologies, Inc.