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.
Layne Christensen Company Announces Full Exercise Of Over-Allotment Option By The Initial Purchaser Of Its 4.25% Convertible Senior Notes Due 2018
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.