Forum Energy Technologies, Inc. Completes Initial Public Offering, Including Underwriters' Over-Allotment Option
HOUSTON, April 17, 2012 (GLOBE NEWSWIRE) -- Forum Energy Technologies, Inc. (the "Company"), announced today that it has completed its initial public offering of 21,789,470 shares of its common stock at $20.00 per share and that the underwriters have exercised in full their option to purchase an additional 2,842,104 shares of common stock from the selling stockholder. The Company sold 13,889,470 shares of its common stock and the selling stockholders named in the registration statement sold 7,900,000 shares of the Company's common stock. The number of shares sold by the selling stockholder included the 2,842,104 additional shares issued pursuant to the full exercise of the underwriters' over-allotment option.
Net proceeds received by the Company from the sale of the 13,889,470 shares of common stock were approximately $258 million after deducting underwriting discounts and estimated offering expenses. The Company has used the net proceeds to repay outstanding borrowings under the revolving portion of its credit facility. The Company did not receive any proceeds from the sale of shares by the selling stockholders.
J.P. Morgan, BofA Merrill Lynch, Credit Suisse, Citigroup and Deutsche Bank Securities acted as joint book-running managers for the offering. Simmons & Company International and Tudor, Pickering, Holt & Co. acted as senior co-managers for the offering. Capital One Southcoast, Dahlman Rose & Company, FBR, Howard Weil Incorporated and Johnson Rice & Company L.L.C. acted as co-managers for the offering.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This offering will be made only by means of a written prospectus forming part of the effective registration statement. A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained from the offices of:
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Attention: Prospectus Department
One Madison Avenue
New York, New York 10010
Telephone: (800) 221-1037
Attn: Prospectus Department
Brooklyn Army Terminal
140 58th Street, 8th Floor
Brooklyn, NY 11220
Deutsche Bank Securities
Harborside Financial Center
100 Plaza One
Jersey City, NJ 07311
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
CONTACT: Investor contact
Forum Energy Technologies, Inc.
Patrick Connelly - Vice President, Strategic Development