Cactus Prices Public Offering of Common Stock
12 July 2018 - 10:34AM
Business Wire
Cactus, Inc. (NYSE: WHD) (“Cactus”) announced today the pricing
of its underwritten public offering (the “Offering”) of 10,000,000
shares of its Class A common stock (“common stock”) at $33.25 per
share. In addition, Cactus has granted the underwriters a 30-day
option to purchase up to an additional 1,500,000 shares of common
stock. Cactus’ Class A common stock is traded on the New York Stock
Exchange under the ticker symbol “WHD.” The Offering is expected to
close on July 16, 2018, subject to customary closing
conditions.
Cactus expects to receive approximately $320.9 million of net
proceeds from the Offering, after deducting underwriting discounts
(or approximately $369.0 million if the underwriters’ option to
purchase additional shares of common stock is exercised in full).
Cactus intends to contribute the net proceeds of the Offering to
its operating company subsidiary, Cactus Wellhead, LLC (“Cactus
LLC”), in exchange for common units representing limited liability
company interests in Cactus LLC (“CW Units”). Cactus will cause
Cactus LLC to use the net proceeds to redeem CW Units from certain
of the other owners of Cactus LLC. For each CW Unit that is
redeemed, Cactus will cancel a corresponding share of its Class B
common stock.
Citigroup and Credit Suisse are acting as joint book-running
managers for the Offering.
The offering of these securities is being made pursuant to an
effective registration statement and will be made only by means of
a prospectus. A copy of the prospectus, when available, may be
obtained from:
Citigroup Global Markets Inc.Attention: Broadridge Financial
Solutions1155 Long Island AvenueEdgewood, New York 11717Telephone:
(800) 831-9146
Credit Suisse Securities (USA) LLCAttention: Prospectus
DepartmentOne Madison AvenueNew York, New York 10010Telephone:
(800) 221-1037newyork.prospectus@credit-suisse.com
About Cactus, Inc.
Cactus designs, manufactures, sells and rents a range of highly
engineered wellhead and pressure control equipment. Its products
are sold and rented principally for onshore unconventional oil and
gas wells and are utilized during the drilling, completion
(including fracturing) and production phases of its customers’
wells. In addition, it provides field services for all its products
and rental items to assist with the installation, maintenance and
handling of the wellhead and pressure control equipment. Cactus
operates 15 service centers in the United States, which are
strategically located in the key oil and gas producing regions,
including the Permian, SCOOP/STACK, Marcellus, Utica, Eagle Ford
and Bakken, among other areas, and one service center in
Eastern Australia.
Important Information
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.
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 size, timing or
results of the proposed public offering and the use of proceeds
therefrom, represent Cactus’ 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 Cactus’ 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, Cactus 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 Cactus 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 the public offering, Cactus’ Form
10-K for the year ended December 31, 2017 and Form 10-Q for the
quarter ended March 31, 2018 and its other filings with the SEC.
The risk factors and other factors noted in Cactus’ 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: https://www.businesswire.com/news/home/20180711005900/en/
Cactus, Inc.Stephen Tadlock, 713-396-5748Vice President
and Chief Administrative OfficerIR@CactusWHD.com
Cactus (NYSE:WHD)
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