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Layne Christensen Company Announces Full Exercise Of Over-Allotment Option By The Initial Purchaser Of Its 4.25% Convertible Senior Notes Due 2018

HOUSTON, Dec. 5, 2013 (GLOBE NEWSWIRE) -- Layne Christensen Company (Nasdaq:LAYN) (the "Company") announced today that the initial purchaser of the Company's previously announced private placement of 4.25% Convertible Senior Notes due 2018 (the "notes") has exercised in full the initial purchaser's option to purchase an additional $15.0 million aggregate principal amount of notes to cover over-allotments. The net proceeds to the Company from the exercise of this option, after deducting the initial purchaser's discounts and commissions, will be approximately $14.5 million, including accrued interest. The Company intends to use these proceeds to pay off the amounts outstanding under the Company's revolving credit facility and intends to use the excess for working capital and general corporate purposes. The notes were offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, by the initial purchaser of the notes. The closing of the over-allotment option is expected to occur on December 5, 2013, subject to customary closing conditions.

Jefferies acted as the sole initial purchaser for the offering.

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 the notes or any common stock issuable upon conversion of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. Offers and sales of the notes were made only by means of a private offering memorandum. The offer and sale of the notes and any shares of the Company's common stock issuable upon conversion of the notes have not been registered under the Securities Act or applicable state securities laws, and they may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

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