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On Wednesday September 28, 2011, 3:37 pm EDT
HOUSTON (AP) — Platinum Energy Solutions Inc. said Wednesday that it filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering of its common stock.
The Houston oilfield services company said it planned to raise $ 300 million through the offering. The amount is subject to change as underwriters gauge investor interest in the stock.
Platinum specializes in hydraulic fracturing, coiled tubing and other pressure pumping services. It started providing hydraulic fracturing services to Petrohawk Energy Corp. last month and expects to begin similar services for Encana Oil & Gas Inc. in October.
The two contracts are expected to generate over $ 250 million in combined revenue over their first year of service, the company said in its filing.
Platinum said it plans to use some of the proceeds from the offering to pay off some or all of its debt, including $ 20 million to redeem its Series A preferred stock. The remaining proceeds will be used for capital expenditures, working capital and general corporate purposes, the filing said.
The company said it plans to apply to list its common stock on the New York Stock Exchange under the ticker symbol “FRAC.”
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are the underwriters of the proposed offering.
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