Liberty Oilfield prices upsized initial public offering
12/01/2018 15:49
Liberty Oilfield Services Inc., on Friday announced the pricing of an upsized initial public offering of 12,731,092 shares of its Class A common stock at USD 17.00 per share.

The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “LBRT” on January 12, 2018. In addition, Liberty and the selling shareholder granted the underwriters a 30-day option to purchase up to an additional 1,909,663 shares of Liberty’s Class A common stock at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on January 17, 2018, subject to customary closing conditions.

Liberty expects to receive approximately USD 194.5 million of net proceeds from the offering, or USD 220.4 million if the underwriters exercise their option to purchase additional shares in full.

Liberty intends to contribute the net proceeds of the offering it receives to Liberty Oilfield Services New HoldCo LLC, its subsidiary, in exchange for limited liability company units in Liberty LLC. Liberty LLC intends to use such net proceeds to repay borrowings incurred under Liberty’s credit facility, to repay borrowings under Liberty’s term loan and for general corporate purposes, including funding a portion of Liberty’s 2018 and other future capital expenditures.

Morgan Stanley, Goldman Sachs & Co. LLC, Wells Fargo Securities, Citigroup, J.P. Morgan and Evercore ISI are acting as joint book-running managers for the offering.