Allis-Chalmers (ALY) Completes 15.79M Share Offering, Raising $39.5M
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Allis-Chalmers Energy Inc. (NYSE: ALY) today announced that it has consummated the sale of 15,794,644 shares of its common stock pursuant to its previously announced rights offering, at a price of $2.50 per share, for aggregate gross proceeds of approximately $39.5 million. These proceeds do not include the proceeds from Allis-Chalmers' previously announced backstop arrangement with Lime Rock Partners V, L.P., which is anticipated to close tomorrow, June 26, 2009. Allis-Chalmers intends to use the net proceeds of the rights offering to repay indebtedness outstanding under its bank credit facility and senior notes.
RBC Capital Markets Corporation served as Allis-Chalmers' financial advisor in connection with the rights offering.
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