Forum Energy Technologies Inc. (NYSE: FET) has priced a registered underwritten public offering by the company and certain funds affiliated with SCF Partners and Tinicum (collectively, the “Selling Stockholders”) of an aggregate of 7,000,000 shares of the company’s common stock at a price to the public of $21.50 per share, of which 3,500,000 shares are being offered by the company and 3,500,000 shares are being offered by the Selling Stockholders. The company and certain of the Selling Stockholders have granted the underwriters a 30-day option to purchase up to an additional 525,000 shares and 525,000 shares of common stock, respectively, or 1,050,000 shares in the aggregate. The company expects the offering to close on December 9, 2016, subject to customary closing conditions.
The company expects to receive total gross proceeds of approximately $75.3 million (or approximately $86.5 million if the underwriters exercise in full their option to purchase additional shares) after deducting underwriting discounts and estimated offering expenses. The company intends to use the net proceeds from the offering for acquisitions and general corporate purposes. The company will not receive any of the proceeds received by the Selling Stockholders.
Goldman, Sachs & Co. and Wells Fargo Securities are acting as joint bookrunners for the offering.
Houston, TX-based Forum Energy Technologies Inc. is a global oilfield products company, serving the drilling, subsea, completions, production and infrastructure sectors of the oil and natural gas industry.