Past year: ▲ 228%(3.35 – 11.30 USD)
Each one in plain English, with the numbers worked through for a shareholder.
15 June 2006material agreement● Neutral
Stockholders approved the 2006 Stock Incentive Plan on June 9, 2006 (board adopted it April 20). It caps awards at 2,500,000 shares less the 1,000,000 shares underlying options already granted under the 2005 plan. Awards to employees, consultants and directors would dilute existing shareholders if used.
12 June 2006substantial holder notice● Neutral
Gilder, Gagnon, Howe & Co. LLC reported a Bronco Drilling Company, Inc. shareholding of 637,228 shares (2.60% of votes) in a periodic institutional filing.
19 May 2006securities registration● Neutral
Bronco Drilling Company, Inc. registered a securities offering with the SEC.
27 Apr 2006director interest notice● Neutral
Bronco Drilling Company, Inc. COO Karl W Benzer received a stock option grant for 70,000 shares.
31 Mar 2006director interest notice● Neutral
Bronco Drilling Company, Inc. 10%+ owner Wexford Capital LLC sold 1,750,000 shares at $22.75.
31 Mar 2006director interest notice● Neutral
Bronco Drilling Company, Inc. 10%+ owner Charles E Davidson sold 1,750,000 shares at $22.75.
31 Mar 2006asset acquisition disposition● Neutral
Bronco filed the audited financial statements of Big A Drilling and pro forma combined figures for the Big A purchase that closed January 18, 2006. Big A reported 2005 revenue of about $15.8 million and net income of about $3.2 million. This is a required paperwork update on an already completed deal, not a new transaction.
31 Mar 2006director interest notice● Neutral
Bronco Drilling Company, Inc. 10%+ owner Joseph Jacobs sold 1,750,000 shares at $22.75.
24 Mar 2006securities registration● Neutral
Bronco Drilling Company, Inc. filed a free-writing prospectus - marketing material for an offering in progress.
24 Mar 2006securities registration● Neutral
Bronco Drilling Company, Inc. filed the final prospectus for a registered offering.
24 Mar 2006material agreement● NeutralMajor
On March 23, 2006 Bronco priced a third share offering: 3,000,000 shares at $22.75, of which Bronco sells 1,700,000 and Bronco Drilling Holdings sells 1,300,000, with a 450,000-share over-allotment option granted by Holdings. Bronco gets no proceeds from Holdings' shares and says its own proceeds will repay borrowings under its revolving credit facility. New shares dilute existing holders, and Bronco, its officers and directors and Holdings agreed to a 90-day lock-up.
17 Mar 2006securities registration● Neutral
Bronco Drilling Company, Inc. amended a filing by which it registered a securities offering with the SEC.
9 Mar 2006director interest notice● Neutral
William R Snipes became a Bronco Drilling Company, Inc. director and company insider (initial ownership filing).
7 Mar 2006securities registration● Neutral
Bronco Drilling Company, Inc. amended a filing by which it registered a securities offering with the SEC.
14 Feb 2006substantial holder notice● Neutral
Wellington Management Company, LLP disclosed a new substantial Bronco Drilling Company, Inc. shareholding (5.28% of votes).
14 Feb 2006listing compliance notice▼ Bad
On February 7, 2006 Bronco told Nasdaq it no longer met the rule requiring three independent directors on its audit committee, because director Michael O. Thompson no longer qualifies as independent. The board intends to appoint William R. Snipes to the board and audit committee and expects Thompson to leave the committee, which would restore compliance.
31 Jan 2006securities registration● Neutral
Bronco Drilling Company, Inc. registered a securities offering with the SEC.
20 Jan 2006asset acquisition disposition● NeutralMajor
Bronco closed the Big A Drilling purchase on January 18, 2006, resolving the deal announced in December: six operating rigs plus heavy haul trucks and excess equipment for $16.3 million cash and 72,571 shares (the earlier figure was 72,570). It also leased the Woodward, Oklahoma refurbishment yard ($5,000 a month, six-month initial term, option to extend three years, option to buy for $200,000). Separately, on January 13, 2006 it signed a new revolving credit facility of up to $150 million with Fortis Capital Corp. and a lender group, maturing January 13, 2009, at LIBOR plus 2.0%-3.0%, secured by substantially all assets. The filing does not say what the facility replaces or how much was drawn; it is an inference that it succeeds the Merrill Lynch term loan.
20 Dec 2005material agreement● NeutralMajor
Bronco agreed on December 16, 2005 to buy six operating rigs, heavy haul trucks and excess equipment from Big A Drilling, L.C. for $16.3 million cash plus 72,570 Bronco shares worth $1,815,000, expected to close in the first quarter of 2006 subject to due diligence. It also plans to lease a Woodward, Oklahoma refurbishment yard from an affiliate of Big A at $5,000 a month, with an option to buy it for $200,000. Per the press release, the operating fleet would rise to 37 rigs with 27 inventoried. This is another fleet expansion following Thomas and Eagle.
19 Dec 2005asset acquisition disposition● NeutralMajor
Bronco filed the financial statements for the Eagle Drilling acquisition and confirmed it closed October 3, 2005 for about $50.0 million, resolving the pending Eagle deal from September. The filing says it covered five operating rigs and seven inventoried rigs (the September announcement said one rig being refurbished and six inventoried) plus equipment and parts. Eagle's statements show 2004 revenue of $1.0 million and nine-month 2005 revenue of $10.0 million.
17 Nov 2005material agreement● Neutral
Bronco's board (November 8) and a majority of stockholders (November 16) approved raising the 2005 Stock Incentive Plan's share cap by 500,000 shares, to a maximum of 1,000,000. This allows more stock-based awards to employees and directors, which would dilute existing shareholders if used.
31 Oct 2005material agreement● NeutralMajor
Bronco signed an underwriting agreement on October 27, 2005 for a second share offering: 3,500,000 new shares at $23.00 to the public ($21.735 to underwriters), with a 30-day option for 525,000 more. The press release says about $50.0 million of the proceeds will repay borrowings from the Thomas Drilling acquisition, with the rest going to rig refurbishment and general purposes. Existing shareholders face dilution from the new shares, and the original IPO lock-up (ending February 12, 2006) is restated, now also covering COO Karl Benzer.
28 Oct 2005securities registration● Neutral
Bronco Drilling Company, Inc. registered additional securities for an offering already underway.
28 Oct 2005securities registration● Neutral
Bronco Drilling Company, Inc. filed the final prospectus for a registered offering.
20 Oct 2005securities registration● Neutral
Bronco Drilling Company, Inc. amended a filing by which it registered a securities offering with the SEC.
6 Oct 2005securities registration● Neutral
Bronco Drilling Company, Inc. registered a securities offering with the SEC.
26 Sept 2005asset acquisition disposition● Neutral
Bronco filed the required financial statements for the Strata Drilling acquisition, which it says closed July 13, 2005 for $20 million ($13 million cash funded by a loan from Alpha Investors LLC, $7 million in seller notes). The deal brought two operating rigs, one rig being refurbished and a 16-acre Oklahoma City yard. The filing's Strata financials show 2004 revenue of $6.1 million and six-month 2005 revenue of $3.7 million. Note: this gives a July 13 closing date, whereas earlier context recorded the acquisition as June 30, 2005 (the date of the purchase agreements); the $13M loan lender is named Alpha Investors here, versus Theta Investors in earlier context. The filing is mainly a required paperwork update, not a new deal.
23 Sept 2005debt financing● NeutralMajor
On September 19, 2005 Bronco signed a term loan with Merrill Lynch Capital for up to $50.0 million (advances available until December 31, 2005) and immediately borrowed $43.0 million. It pays LIBOR plus 271 basis points, is secured by a first lien on substantially all assets and guaranteed by principal subsidiaries, and is due January 1, 2011. Proceeds are for working capital, rig refurbishment and buying more rigs. This replaces the GE facility repaid weeks earlier. It is inference, not stated, that it may help fund the pending rig acquisitions.
20 Sept 2005material agreement▲ GoodMajor
Bronco agreed on September 15, 2005 to buy five operating rigs, one rig being refurbished and six inventoried rigs from Eagle Drilling, L.L.C. and affiliates for $50 million cash, expected to close in Q4 2005 subject to due diligence. Per the press release, together with the pending Thomas deal the fleet would reach 62 rigs, 30 operating, and the five operating rigs all work in the Barnett Shale. This builds on the Thomas acquisition announced earlier in September.
15 Sept 2005director interest notice● Neutral
Karl W Benzer became a Bronco Drilling Company, Inc. COO and company insider (initial ownership filing).
