AMSTERDAM, May 11, 2016 /PRNewswire/ -- Core Laboratories N.V. (NYSE: "CLB US") (Euronext Amsterdam: "CLB NA") today announced that it has commenced a registered underwritten public offering of 1,300,000 shares of its common stock. The underwriter intends to offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange or on Euronext Amsterdam, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. Core Lab expects to grant the underwriter a 30-day option to purchase up to 195,000 additional shares of its common stock. The net proceeds from the offering will be used to repay a portion of the outstanding borrowings under our revolving credit facility.
Credit Suisse Securities (USA) LLC is acting as the sole underwriter for the offering.
The offering is being made under an effective shelf registration statement on Form S-3 and prospectus filed by Core Lab with the Securities and Exchange Commission ("SEC") on May 11, 2016. Prospective investors should read the preliminary prospectus included in the registration statement and other documents Core Lab has filed with the SEC for more complete information about Core Lab and the offering of its common stock. When available, copies of the prospectus related to the offering may be obtained for free by visiting EDGAR on the SEC website, www.sec.gov, or by contacting Credit Suisse Securities (USA) LLC, Prospectus Department (1-800-221-1037), One Madison Avenue, New York, New York 10010, email: email@example.com.
This news release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, or any solicitation of an offer to buy, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Core Laboratories N.V. is a leading provider of proprietary and patented reservoir description, production enhancement, and reservoir management services used to optimize petroleum reservoir performance. The Company has over 70 offices in more than 50 countries and is located in every major oil-producing region in the world.
**This release contains forward-looking information. All information other than historical facts included in this release is forward-looking information. Although Core Lab believes that these expectations are reasonable, this information is based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors. Factors that could impact forward-looking statements are described in "Risk Factors" in Core Lab's 2015 Annual Report on Form 10-K and other subsequent public filings with the SEC, which can be found at www.sec.gov. Unpredictable or unknown factors, not discussed in this press release, could also have material adverse effects on forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Unless legally required, Core Lab undertakes no obligation to publicly update or revise any forward-looking statements. This release contains regulated information (gereglementeerde informatie) within the meaning of the Dutch Financial Supervision Act (Wet op het financieel toezicht).
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SOURCE Core Laboratories N.V.