HOUSTON, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Layne Christensen Company (Nasdaq:LAYN) (the "Company") announced today its intention to offer and sell, subject to market and other conditions, $75 million aggregate principal amount of Convertible Senior Notes due 2018 (the "notes") in a private offering that is exempt from the registration requirement of the Securities Act of 1933, as amended (the "Securities Act"). The Company expects to grant the initial purchaser of the notes an option to purchase up to an additional $15 million aggregate principal amount of the notes to cover over-allotments. The notes will mature on November 15, 2018 and will be convertible into cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, at the election of the Company (except that we must settle conversions in shares of our common stock before we obtain any necessary stockholder approval required by NASDAQ's listing standards). Prior to May 15, 2018, the notes will be convertible only if certain conditions are satisfied. The notes will be freely convertible from and including May 15, 2018 until the close of business on the scheduled trading day immediately preceding the maturity date of the notes. The interest rate, initial conversion rate, offering price and other terms are to be determined by negotiations between the Company and the initial purchaser. The Company intends to use the net proceeds of this offering to repay a portion of the amounts outstanding under its revolving credit facility.
Layne Christensen Company Announces Offering Of $75 Million Aggregate Principal Amount Of Convertible Senior Notes
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