Archrock Announces Commencement of Public Offering of Common Stock
Archrock (NYSE: AROC) has announced a public offering of 11,000,000 shares of its common stock, with an option for underwriters to purchase an additional 1,650,000 shares. The company plans to use the net proceeds to fund the cash portion of its previously announced acquisition of Total Operations and Production Services, (TOPS). If the TOPS acquisition doesn't materialize, the funds will be used for general corporate purposes. J.P. Morgan, Evercore ISI, Wells Fargo Securities, and Citigroup are acting as underwriters for the offering. The shares will be offered and sold under an effective shelf registration statement on Form S-3 filed with the SEC.
Archrock (NYSE: AROC) ha annunciato un'offerta pubblica di 11.000.000 di azioni del suo capitale sociale, con un'opzione per i sottoscrittori di acquistare ulteriori 1.650.000 azioni. L'azienda prevede di utilizzare i proventi netti per finanziare la parte in contante della sua acquisizione precedentemente annunciata di Total Operations and Production Services (TOPS). Se l'acquisizione di TOPS non dovesse concretizzarsi, i fondi saranno utilizzati per scopi aziendali generali. J.P. Morgan, Evercore ISI, Wells Fargo Securities e Citigroup stanno agendo come sottoscrittori per l'offerta. Le azioni saranno offerte e vendute ai sensi di una dichiarazione di registrazione di shelf efficace sul Modulo S-3 depositato presso la SEC.
Archrock (NYSE: AROC) ha anunciado una oferta pública de 11.000.000 de acciones de su capital social, con la opción para los suscriptores de comprar 1.650.000 acciones adicionales. La compañía planea usar los ingresos netos para financiar la parte en efectivo de su adquisición previamente anunciada de Total Operations and Production Services (TOPS). Si la adquisición de TOPS no se materializa, los fondos se utilizarán para propósitos corporativos generales. J.P. Morgan, Evercore ISI, Wells Fargo Securities y Citigroup están actuando como suscriptores para la oferta. Las acciones se ofrecerán y venderán bajo una declaración de registro efectivo en el Formulario S-3 presentado ante la SEC.
Archrock (NYSE: AROC)는 11,000,000주의 보통주에 대한 공개 제안을 발표했으며, 인수업체가 추가로 1,650,000주를 구매할 수 있는 옵션을 제공합니다. 이 회사는 순수익을 사용하여 이전에 발표한 Total Operations and Production Services(TOPS) 인수의 현금 부분을 자금 조달할 계획입니다. 만약 TOPS 인수가 성사되지 않을 경우, 자금은 일반 기업 목적에 사용됩니다. J.P. Morgan, Evercore ISI, Wells Fargo Securities 및 Citigroup이 이번 제안의 인수업체로 활동하고 있습니다. 주식은 SEC에 제출된 S-3 양식에 따라 유효한 선반 등록 성명을 통해 제공되고 판매됩니다.
Archrock (NYSE: AROC) a annoncé une offre publique de 11 000 000 d'actions de son capital social, avec une option pour les souscripteurs d'acheter 1 650 000 actions supplémentaires. L'entreprise prévoit d'utiliser les produits nets pour financer la partie en espèces de son acquisition précédemment annoncée de Total Operations and Production Services (TOPS). Si l'acquisition de TOPS ne se concrétise pas, les fonds seront utilisés à des fins corporatives générales. J.P. Morgan, Evercore ISI, Wells Fargo Securities et Citigroup agissent en tant que souscripteurs pour l'offre. Les actions seront offertes et vendues en vertu d'une déclaration d'enregistrement de shelf efficace sur le formulaire S-3 déposé auprès de la SEC.
Archrock (NYSE: AROC) hat ein Öffentliches Angebot von 11.000.000 Aktien seiner Stammaktien angekündigt, mit der Option für die Underwriter, zusätzlich 1.650.000 Aktien zu erwerben. Das Unternehmen plant, die netto Einnahmen zur Finanzierung des Baranteils seiner zuvor angekündigten Übernahme von Total Operations and Production Services (TOPS) zu verwenden. Sollte die Übernahme von TOPS nicht zustande kommen, werden die Mittel für allgemeine Unternehmenszwecke verwendet. J.P. Morgan, Evercore ISI, Wells Fargo Securities und Citigroup fungieren als Underwriter für das Angebot. Die Aktien werden unter einer wirksamen Shelf-Registrierungsanmeldung auf Formular S-3 angeboten und verkauft, die bei der SEC eingereicht wurde.
- Potential expansion through acquisition of TOPS
- Flexibility in use of proceeds if acquisition doesn't complete
- Support from major financial institutions as underwriters
- Potential dilution of existing shareholders' equity
- Increased debt if additional borrowings are required for the acquisition
- Market risk associated with stock price fluctuations during the offering period
HOUSTON, July 22, 2024 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE: AROC) (“Archrock”) announced today that it has commenced an underwritten public offering (the “offering”) of 11,000,000 shares of its common stock (the “common stock”). Archrock will grant the underwriters an option for 30 days to purchase up to an additional 1,650,000 shares of common stock from Archrock.
Archrock intends to use the net proceeds from the offering to fund the cash portion of the purchase price for the previously announced acquisition of
J.P. Morgan, Evercore ISI, Wells Fargo Securities and Citigroup are acting as underwriters for the offering.
When available, copies of the preliminary prospectus supplement, prospectus supplement and accompanying base prospectus relating to the offering may be obtained free of charge on the Securities and Exchange Commission (the “SEC”) website at www.sec.gov or by sending a request to: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, via telephone at 1-866-803-9204 or via email at prospectus-eq_fi@jpmchase.com; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at 1-888-474-0200 or by email at ecm.prospectus@evercore.com; Wells Fargo Securities, LLC, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at 800-645-3751 (option #5) or email a request to WFScustomerservice@wellsfargo.com or Citigroup Global Markets, Inc., Attention: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: (800) 831-9146.
The shares of common stock will be offered and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the SEC.
Important Information
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering is being made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”).
About Archrock
Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how Archrock embodies its purpose, WE POWER A CLEANER AMERICA, please visit www.archrock.com.
Forward-Looking Statements
All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside Archrock’s control. Forward-looking information includes, but is not limited to: statements regarding Archrock’s proposed offering and the proposed Transaction, the completion of such offering and the timing thereof, the intended use of net proceeds from the proposed offering, and the impact of market conditions on such offering.
While Archrock believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the failure to complete the proposed Transaction or to realize the anticipated accretion, dividend growth and coverage, potential synergies and other anticipated strategic benefits of the Transaction within the expected time frames or at all; the possible diversion of management time on Transaction-related issues; the risk that the requisite approvals to complete the Transaction will not be obtained; Archrock’s ability to access the capital markets on acceptable terms, or at all, to fund a portion of the cash consideration for the proposed Transaction; changes in customer, employee or supplier relationships of Archrock or TOPS; local, regional and national economic and financial market conditions and the impact they may have on Archrock, TOPS and their respective customers; future regulatory conditions, including changes in tax laws; conditions in the oil and gas industry, including a sustained decrease in the level of supply or demand for oil or natural gas or a sustained decrease in the price of oil or natural gas; changes in economic conditions in key operating markets; the financial condition of Archrock’s or TOPS’ customers; the failure of any customer of Archrock or TOPS to perform its contractual obligations; changes in safety, health, environmental and other regulations; the effectiveness of Archrock’s control environment, including the identification of control deficiencies; estimated Transaction and integration costs associated with the proposed Transaction; the retention of certain key employees of TOPS; and Archrock’s ability to successfully integrate the operations of TOPS.
These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Archrock’s Annual Report on Form 10-K for the year ended December 31, 2023, and those set forth from time to time in Archrock’s filings with the SEC, which are available at www.archrock.com. Except as required by law, Archrock expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE: Archrock, Inc.
For information, contact:
Megan Repine
Vice President, Investor Relations
281-836-8360
investor.relations@archrock.com
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