logo
Share SHARE
FONT-SIZE Plus   Neg

Chesapeake Oilfield Services Plans IPO - Update

Chesapeake Oilfield Services Inc., a part of Chesapeake Energy Corp. (CHK), in a regulatory filing Monday said it plans to commence an initial public offering of its Class A common shares. The company did not reveal the number of shares or the price at which it will effect the offering.

As per the SEC filing, Chesapeake Oilfield Services has tagged the maximum aggregate price of the IPO at $862.5 million, solely for the purpose of calculating registration fee for the offering.

Chesapeake Oilfield Services plans to list the Class A common stock on the New York Stock Exchange under the symbol "COS."

Upon closing of the offering, Chesapeake Oilfield Services will also issue Class B shares of common stock to Chesapeake Energy Corp., the filing said.

Goldman, Sachs & Co. and BofA Merrill Lynch are the underwriters for the offering.

Chesapeake last October completed the process of reorganizing its oilfield services subsidiaries and operations as units of COS Holdings LLC.

Chesapeake Oilfield Services provides Chesapeake Energy and its partners with services in the Eagle Ford, Utica, Granite Wash, Cleveland natural gas plays, among others. The company believes its high-growth, high-utilization business model will enable it to continue creating strong shareholder value.

Meanwhile, Chesapeake Energy Corp. which plans to raise up to $12 billion through asset sales and joint ventures in 2012, last week said it completed three oil and gas asset monetization transactions for a total of about $2.6 billion.

CHK is trading at $19.19, down $0.76 or 3.81%, on a volume of 23.2 million shares on the NYSE. In after hours, the stock gained 0.05%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Maternity leave is a temporary period of absence from employment granted to expectant or new mothers during the months immediately before and after their pregnancy. Parental leave, including maternity, paternity and adoption leave, is an employee benefit. Many countries around the world, including... Texas, the second largest state in the U.S., has four of the five fastest-growing cities in the U.S., according to new population estimates released Thursday by the U.S. Census Bureau for the twelve months up to July 1, 2016. Ten of the fifteen fastest growing large U.S. cities during that 12-month span were in the South, according to the Census Bureau. To book-lover's surprise, online retailer Amazon opened another bricks and mortar store in an upmarket shopping mall in New York. This is the seventh book store of Amazon.
comments powered by Disqus
Follow RTT