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Layne Christensen Company Completes Placement Of 4.25% Convertible Senior Notes Due 2018; Raises $110.0 Million In Gross Proceeds

HOUSTON, Nov. 12, 2013 (GLOBE NEWSWIRE) -- Layne Christensen Company (Nasdaq:LAYN) (the "Company") announced today the completion of its private placement of $110.0 million aggregate principal amount of 4.25% Convertible Senior Notes due 2018 (the "notes"). The notes were offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), by the initial purchaser of the notes. The Company also granted the initial purchaser of the notes a 30-day option to purchase up to an additional $15.0 million aggregate principal amount of notes, solely to cover overallotments. The Company intends to use the net proceeds of this offering to repay the amounts outstanding under its revolving credit facility. To the extent the net proceeds of the offering exceed the amounts outstanding under the Company's revolving credit facility, the Company intends to use the excess for working capital and general corporate purposes.

The notes will mature on November 15, 2018 and will bear interest at a rate of 4.25% per year, payable on May 15 and November 15 of each year, beginning May 15, 2014. The notes will be general senior, unsecured obligations of the Company. On and after November 15, 2016, and prior to the maturity date, the Company may redeem all, but not less than all, of the notes for cash if the last reported sale price per share of the Company's common stock equals or exceeds 130% of the applicable conversion price for a specified time period ending on, and including, the trading day immediately prior to the date the Company delivers notice of the redemption. The redemption price will equal 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a fundamental change, holders of the notes will have the right, at their option, to require the Company to repurchase their notes in cash at a price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

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