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
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