U.S. Markets open in 3 hrs 12 mins

ProPetro Holding Corp. Prices Initial Public Offering of Common Stock

MIDLAND, Texas--(BUSINESS WIRE)--

ProPetro Holding Corp. (PUMP) (the “Company”) announced today that it has priced the initial public offering of 25,000,000 shares of its common stock at $14.00 per share, of which 13,250,000 shares are to be sold by the Company and 11,750,000 shares are to be sold by the selling stockholders named in the registration statement on Form S-1 filed previously with the U.S. Securities and Exchange Commission (“SEC”). The shares are expected to begin trading on the New York Stock Exchange on March 17, 2017 under the ticker symbol “PUMP.” In addition, the selling stockholders named in the registration statement have granted the underwriters a 30-day option to purchase from the selling stockholders up to an additional 3,750,000 shares of the Company’s common stock at the initial public offering price. The offering is expected to close on March 22, 2017, subject to customary closing conditions.

The Company intends to use the net proceeds it receives from the offering to repay borrowings outstanding under the Company’s term loan, to fund the purchase of additional hydraulic fracturing units and for general corporate purposes. The Company will not receive any net proceeds from the sale by the selling stockholders of shares of the Company’s common stock.

Goldman, Sachs & Co. and Barclays Capital Inc. are acting as book-running managers for the proposed initial public offering. Credit Suisse and J.P. Morgan Securities LLC are also acting as book-running managers for the offering.

The proposed initial public offering of these securities is being made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, copies of which may be obtained from:

     

Goldman, Sachs & Co.
Attention: Prospectus Department
200 West Street
New York, NY 10282
Telephone: 1-866-471-2526
Email: prospectus-ny@ny.email.gs.com

Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 888-603-5847
Email: barclaysprospectus@broadridge.com

 
 

Credit Suisse Securities (USA) LLC
Attention: Prospectus Department
One Madison Avenue
New York, New York 10010
Telephone: 800-221-1037
Email: newyork.prospectus@credit-suisse.com

J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Attention: Prospectus Department
Telephone: 1-866-803-9204
Email: prospectus-eq_fi@jpmchase.com

 

Important Information

A registration statement relating to these securities has been filed with, and declared effective by, the SEC. This press release shall 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 such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

When available, you may obtain a copy of the prospectus free of charge by visiting the SEC’s website, www.sec.gov, and searching under the registrant’s name, “ProPetro Holding Corp.”

Cautionary Statement Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that do not relate to historical matters identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by our management. These forward-looking statements involve certain risks and uncertainties, including, among others, that our business plans may change as circumstances warrant, the Company’s shares of common stock may not begin trading on the New York Stock Exchange as expected and the offering may not close as expected. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the “Risk Factors” section of the prospectus included in the registration statement on Form S-1, in the form last filed with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

About ProPetro:

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing hydraulic fracturing and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170316006443/en/