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 firstname.lastname@example.org or from Wells Fargo Securities, LLC Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, or by calling (800) 326-5897 or email@example.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.