Global Hunter, Ladenburg Thalmann assist; deal funds debt repayment
By Devika Patel
Knoxville, Tenn., June 17 - Mitcham Industries, Inc. said it priced a $29 million public sale of stock with a $4.35 million greenshoe. The deal was announced Thursday.
The company will sell 2 million common shares at $14.50 apiece. The price per share is a 9.32% discount to the June 16 closing share price of $15.99.
Global Hunter Securities is the bookrunner, and Ladenburg Thalmann & Co. Inc. is the co-manager.
Settlement is expected June 22.
Proceeds will be used to repay borrowings under the company's revolving credit facility, to purchase seismic lease pool equipment and for general corporate purposes.
The Huntsville, Texas, company leases seismic equipment to the oil and gas industry.
| Issuer: | Mitcham Industries, Inc.
|
| Issue: | Common shares
|
| Amount: | $29 million
|
| Greenshoe: | $4.35 million
|
| Shares: | 2 million
|
| Price: | $14.50
|
| Warrants: | No
|
| Agents: | Global Hunter Securities, Ladenburg Thalmann & Co. Inc.
|
| Announcement date: | June 16
|
| Pricing date: | June 17
|
| Settlement date: | June 22
|
| Stock symbol: | Nasdaq: MIND
|
| Stock price: | $15.99 at close June 16
|
| Market capitalization: | $145.07 million
|
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