BOSTON (Thomson Financial) - Flotek Industries Inc. Tuesday said it intends
to offer $100 million of convertible senior notes to finance the purchase of its
intended acquisition of Teledrift Inc.
Flotek also intends to grant the underwriters an option to purchase an
additional $15 million aggregate principal amount of the notes, which are due
2028, to cover any over-allotments. Bear Stearns will act as sole manager for
the proposed offering of the notes.
In addition, Flotek said it intends to enter into a share lending agreement
with Bear Stearns.
Before the opening bell, Flotek announced that it has agreed to buy
Teledrift Inc., an Oklahoma City-based designer of wireless survey tools, for
$95.2 million.
Shares of Flotek, a Houston-based provider of drilling products, fell 5.4%
to $20.38.
Casey Logan
cl/pc
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