Liberty Oilfield Services Inc. Prices Upsized Initial Public Offering
January 12 2018 - 2:01AM
Business Wire
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. 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:
Morgan StanleyAttention: Prospectus Department180 Varick Street,
2nd FloorNew York, NY 10014
Goldman Sachs & Co. LLCAttention: Prospectus Department200
West StreetNew York, NY 10282Telephone: 1-866-471-2526Email:
prospectus-ny@ny.email.gs.com
Wells Fargo Securitiesc/o Equity Syndicate Department375 Park
AvenueNew York, NY 10152Telephone: 1-800-326-5897Email:
cmclientsupport@wellsfargo.com
Important Information
A registration statement relating to these securities has been
filed with, and declared effective by, the SEC. The registration
statement may be obtained free of charge at the SEC’s website at
www.sec.gov under “Liberty Oilfield Services Inc.” This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or jurisdiction.
About Liberty Oilfield Services Inc.
Liberty Oilfield Services Inc. is an independent provider of
hydraulic fracturing services to onshore oil and natural gas
exploration and production companies in North America.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements contained in this press release constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, including statements regarding the closing of the
initial public offering and Liberty’s use of proceeds from the
offering, represent Liberty’s expectations or beliefs concerning
future events, and it is possible that the results described in
this press release will not be achieved. These forward-looking
statements are subject to risks, uncertainties and other factors,
many of which are outside of Liberty’s control, that could cause
actual results to differ materially from the results discussed in
the forward-looking statements.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, Liberty does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. New factors emerge from time to time, and it is not
possible for Liberty to predict all such factors. When considering
these forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in the prospectus filed
with the SEC in connection with Liberty’s initial public offering.
The risk factors and other factors noted in Liberty’s prospectus
could cause its actual results to differ materially from those
contained in any forward-looking statement.
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version on businesswire.com: http://www.businesswire.com/news/home/20180111006270/en/
Liberty Oilfield Services Inc.Michael StockChief Financial
Officer(303) 515-2894IR@libertyfrac.com
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