Fort Worth-based Union Drilling offers 3 million shares of common stock

by PegNews wire

Union Drilling, Inc. has priced a public offering of 3.0 million newly issued shares of its common stock at a public offering price of $8.25 per share. Jefferies & Company, Inc. is the sole underwriter for this offering. Union has granted the underwriter a 30-day option to purchase up to 450,000 additional shares to cover over-allotments, if any. The offering is expected to close on June 10 subject to customary closing conditions. The Company intends to use the proceeds it receives from the offering (net of underwriting discounts and expenses) to repay indebtedness outstanding under the Company's revolving credit facility.

Union Drilling, Inc., headquartered in Fort Worth, provides contract land drilling services and equipment, primarily to natural gas producers, in the United States. Union Drilling currently owns and markets 71 rigs and specializes in unconventional drilling techniques.

Source: Union Drilling