SNYDER, TX and ODESSA, TX – February 24, 2017 – GlobeLTR Energy Inc. (“GlobeLTR”) today announced that it has completed its private placement of 9,800,000 shares (the “Common Stock”) of its Class A-1 common stock (“Class A-1 common stock”) for aggregate consideration of $115 million. J.P. Morgan Securities LLC and Piper Jaffray & Co., through its Simmons & Company International division, served as the placement agents and as the representatives for the initial purchasers in this offering. Houlihan Lokey Capital, Inc. and PPHB Securities, LP served as co-managers in this offering.
GlobeLTR intends to use the proceeds from the offering to repay and retire a portion of its outstanding indebtedness and for general corporate purposes, as well as acquisitions.
The Common Stock was offered and sold to “qualified institutional buyers” in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to “accredited investors” (within the meaning of Rule 501(a) under the Securities Act) in the United States pursuant to Section 4(a)(2) under the Securities Act. The Common Stock has not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
This press release relates to an offering that has closed and does not constitute an offer to sell or a solicitation of an offer to buy the Common Stock or any other securities, and does not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
GlobeLTR’s counsel for the transaction was Vinson & Elkins L.L.P. Baker Botts L.L.P. represented the initial purchasers and placement agents.
GlobeLTR Energy Inc. is a growth-oriented, Permian-focused provider of a wide range of oilfield services to U.S. onshore oil and natural gas exploration and production companies, including water solutions, portable power generation and equipment rentals, specialty production chemicals, and well maintenance and workover services.
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about our plans, objectives, expectations and intentions. Our forward-looking statements are generally, but not always, accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “should,” “may,” “plan,” “goal,” “can,” “could,” “continuing,” “ongoing,” “intend,” or other words that convey the uncertainty of future events or outcomes. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.
MARRIOTT MURDOCK, SR. DIRECTOR OF MARKETING & CHANNEL
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