HOUSTON, July 13, 2016 /CNW/ -- Tesco Corporation (the
"Company") (NASDAQ: TESO) today announced that the underwriter of
its previously announced underwritten public offering of 7,000,000
common shares of the Company has partially exercised its
over-allotment option to purchase an additional 130,752 common
shares at a price to the public of $7.00 per share. The Company has now sold a
total of 7,130,752 common shares in connection with the offering,
with total proceeds to us (after subtracting the underwriter's
discount and before estimated offering expenses) of approximately
$47,900,000.
The Company intends to use the net proceeds of the offering for
general corporate purposes, which could include working capital,
capital expenditures, acquisitions or other initiatives.
BofA Merrill Lynch is acting as the sole book-running manager
for the offering.
The Company has filed a registration statement including a
prospectus and a prospectus supplement with the Securities and
Exchange Commission (the "SEC") for the offering to which this
communication relates. Before you invest, you should read the
prospectus and prospectus supplement in that registration statement
and other documents the issuer has filed with the SEC for more
complete information about the Company and this offering. You may
obtain these documents for free by visiting EDGAR on the SEC Web
site at www.sec.gov. Alternatively, the issuer, any underwriter or
any dealer participating in the offering will arrange to send you
the prospectus and the prospectus supplement if you request from
BofA Merrill Lynch, Attn: Prospectus Department, NC1-004-03-43, 200
North College Street, 3rd floor, Charlotte, NC 28255-0001,
email dg.prospectus_requests@baml.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such jurisdiction.
About Tesco Corporation
The Company is a global leader in the design, assembly and
service delivery of technology-based solutions for the upstream
energy industry with global operations. The Company's product and
service offerings consist mainly of equipment sales and services to
drilling contractors and exploration and production companies
throughout the world.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. All statements, other
than historical facts, that address activities that the Company
assumes, plans, expects, believes, intends or anticipates (and
other similar expressions) will, should or may occur in the future
are forward-looking statements. Forward-looking statements are
based on management's current beliefs, based on currently available
information, as to the outcome and timing of future events. These
forward-looking statements involve certain risks and uncertainties
that could cause the results to differ materially from those
expected by the management of the Company. Information concerning
these risks and other factors can be found in the Company's filings
with the SEC, including its most recent annual report on Form 10-K
and quarterly report on Form 10-Q, which can be obtained free of
charge on the SEC's web site at www.sec.gov. The Company undertakes
no obligation to update or revise any forward-looking statement,
except as required by applicable law.
Investor Contact:
Christopher L. Boone
Chief Financial Officer
(713) 359-7000
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tesco-corporation-announces-partial-exercise-of-underwriters-over-allotment-option-300298309.html
SOURCE Tesco Corporation