CIVEO CORPORATION (NYSE:CVEO) Files An 8-K Other Events
Item 8.01
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Other Events. |
On February 2, 2017, Civeo Corporation (the Company) entered into
an underwriting agreement (the Underwriting Agreement) by and
between the Company and RBC Capital Markets, LLC, as
representative of the several underwriters named in Schedule I
thereto (the Underwriters), relating to the sale (the Offering)
by the Company to the Underwriters of an aggregate of 20,000,000
common shares, no par value (the Common Shares), of the Company
at a price to the public of $3.00 per share. to the Underwriting
Agreement, the Underwriters were granted an option (the
Underwriters Option) for a period of 30 days to purchase from the
Company up to an additional 3,000,000 Common Shares at the same
price per share. On February 2, 2017, the Underwriters exercised
the Underwriters Option in full.
The material terms of the Offering are described in the
prospectus supplement dated February 2, 2017 (the Prospectus
Supplement) and the base prospectus dated August 22, 2016 filed
by the Company with the Securities and Exchange Commission (the
SEC) to Rule 424(b) under the Securities Act of 1933, as amended
(the Securities Act), on February 3, 2017. The Offering is
registered with the SEC to an effective registration statement on
Form S-3 (File No. 333-212754), which was declared effective by
the SEC on August 22, 2016.
In the Underwriting Agreement, the Company agreed to indemnify
the Underwriters against certain liabilities, including
liabilities under the Securities Act, and to contribute to
payments the Underwriters may be required to make because of any
of those liabilities.
The Offering is expected to close on February 7, 2017, subject to
customary closing conditions. The Company expects to receive
proceeds (net of underwriting discounts and estimated offering
expenses) from the Offering of approximately $64.9 million. As
described in the Prospectus Supplement, the Company intends to
use the net proceeds from the Offering to repay amounts
outstanding under its revolving credit facilities and for general
corporate purposes.
The foregoing description of the Underwriting Agreement is
qualified in its entirety by reference to the full text of the
Underwriting Agreement, which is filed as Exhibit 1.1 hereto.
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Item 9.01 |
Financial Statements and Exhibits. |
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(d) |
Exhibits |
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Exhibit Number |
Description |
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1.1 |
Underwriting Agreement, dated February 2, 2017, by and |
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5.1 |
Legal Opinion. |
CIVEO CORPORATION (NYSE:CVEO) Recent Trading Information
CIVEO CORPORATION (NYSE:CVEO) closed its last trading session up +0.03 at 3.30 with 1,212,002 shares trading hands.