HubsBaker Botts Represents Underwriters in Cactus, Inc.’s Upsized Initial Public Offering
Release
Deal Description: On February 8, 2018, Cactus, Inc. (“Cactus”) announced the pricing of an upsized initial public offering of 23,000,000 shares of its Class A common stock at $19.00 per share. The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “WHD” on February 8, 2018. In addition, Cactus granted the underwriters a 30-day option to purchase up to an additional 3,450,000 shares of Cactus’ Class A common stock at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on February 12, 2018, subject to customary closing conditions.
Cactus expects to receive approximately $405.8 million of net proceeds from the offering, or $467.4 million if the underwriters exercise their option to purchase additional shares in full.
Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC acted as joint book-running managers for the offering and as representatives of the underwriters. In addition, Simmons & Company International, Energy Specialists of Piper Jaffray, J.P. Morgan and BofA Merrill Lynch also acted as joint book-running managers for the offering, and Tudor, Pickering, Holt & Co., Barclays, RBC Capital Markets, Raymond James and Scotia Howard Weil acted as co-managers.
Baker Botts Lawyers/Offices Involved:
Corporate: David J. Kirkland Jr. (Partner, Houston), A.J. Ericksen (Partner, Houston); Laura Katherine Mann (Senior Associate, Houston); Chelsea Gaw (Associate, Houston); Ieuan List (Associate, Houston) and Hayley Hervieux (Associate, Houston)
Tax: Don J. Lonczak (Partner, Washington) and Peter Farrell (Associate, Washington)
Employee Benefits & Executive Compensation: Chris Pratt (Special Counsel, Houston)
Intellectual Property: Robinson Vu (Partner, Houston)
Environmental: Scott Janoe (Partner, Houston) and Harrison Reback (Associate, Houston)
Cactus expects to receive approximately $405.8 million of net proceeds from the offering, or $467.4 million if the underwriters exercise their option to purchase additional shares in full.
Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC acted as joint book-running managers for the offering and as representatives of the underwriters. In addition, Simmons & Company International, Energy Specialists of Piper Jaffray, J.P. Morgan and BofA Merrill Lynch also acted as joint book-running managers for the offering, and Tudor, Pickering, Holt & Co., Barclays, RBC Capital Markets, Raymond James and Scotia Howard Weil acted as co-managers.
Baker Botts Lawyers/Offices Involved:
Corporate: David J. Kirkland Jr. (Partner, Houston), A.J. Ericksen (Partner, Houston); Laura Katherine Mann (Senior Associate, Houston); Chelsea Gaw (Associate, Houston); Ieuan List (Associate, Houston) and Hayley Hervieux (Associate, Houston)
Tax: Don J. Lonczak (Partner, Washington) and Peter Farrell (Associate, Washington)
Employee Benefits & Executive Compensation: Chris Pratt (Special Counsel, Houston)
Intellectual Property: Robinson Vu (Partner, Houston)
Environmental: Scott Janoe (Partner, Houston) and Harrison Reback (Associate, Houston)
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