Independence Contract Drilling Inc. said April 25 that underwriters exercised their option to purchase 1,725,000 additional common shares in a public offering; the total offering is now about 13.2 million common shares.
Net proceeds of about $43 million will repay part of the revolving credit facility borrowings and support general corporate purposes. On April 20, the company said the shares were priced at $3.50 each.
The offer is scheduled to close April 26.
Morgan Stanley is the lead book-running manager, and Johnson Rice & Co. is a joint book-running manager.
Independence Contract Drilling Inc. is based in Houston.