12 Sept 2005substantial holder notice● Neutral
Gilder, Gagnon, Howe & Co. LLC disclosed a new substantial Bronco Drilling Company, Inc. shareholding (5.00% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Sept 2005material agreement▲ GoodMajor
Bronco agreed on September 2, 2005 to buy the assets of Thomas Drilling Co. for $68 million cash: nine operating rigs, two rigs under construction, two inventoried rigs, plus excess equipment and parts. Closing is expected within about 30 days, subject to due diligence and Hart-Scott-Rodino antitrust clearance. Per the press release, this takes the operating fleet to 25 rigs and opens the Barnett Shale and East Texas.
1 Sept 2005material agreement termination▲ GoodMajor
Bronco repaid in full its General Electric Capital Corporation loan facility on August 29, 2005: $22,235,141 of principal plus interest and fees, including a $643,500 prepayment fee, using IPO proceeds. The facility (up to $25.5 million, LIBOR plus 5.0%, maturing October 1, 2010) is now terminated, along with its covenants and security over company assets. This continues the use of IPO money to pay down debt.
25 Aug 2005debt financing▲ GoodMajor
The IPO closed on August 19, 2005 with 5,865,000 shares sold at $17.00 (5,715,000 by Bronco, 150,000 by the controlling stockholder), after the over-allotment option was exercised in full. Bronco received about $90.4 million in net proceeds and on August 22 used $13.2 million to repay in full the loan from Theta Investors, LLC (controlled by Wexford Capital, manager of the controlling stockholder), which had funded the Strata acquisition and was required to be repaid on IPO completion.
23 Aug 2005director interest notice● Neutral
Bronco Drilling Company, Inc. 10%+ owner Charles E Davidson sold 267,647 shares at $17.00.
23 Aug 2005director interest notice● Neutral
Bronco Drilling Company, Inc. director David L Houston received a stock option grant for 20,000 shares.
23 Aug 2005director interest notice● Neutral
Bronco Drilling Company, Inc. 10%+ owner Joseph Jacobs sold 267,647 shares at $17.00.
18 Aug 2005material agreement▲ GoodMajor
Bronco signed the underwriting agreement for its IPO: 5,100,000 new shares priced at $17.00 each (underwriters pay $15.81), with an option for 765,000 more (615,000 from Bronco, 150,000 from the controlling stockholder). The company says it will use proceeds to repay about $18.1 million of borrowings, including $13.0 million tied to the recent Strata acquisitions, and put the rest toward refurbishing rigs and general purposes. Officers, directors and the selling stockholder agreed to a 180-day lock-up on selling shares.
16 Aug 2005securities registration● Neutral
Bronco Drilling Company, Inc. registered additional securities for an offering already underway.
16 Aug 2005securities registration● Neutral
Bronco Drilling Company, Inc. filed the final prospectus for a registered offering.
15 Aug 2005director interest notice● Neutral
D Frank Harrison became a Bronco Drilling Company, Inc. CEO and company insider (initial ownership filing).
15 Aug 2005director interest notice● Neutral
Steven C Hale became a Bronco Drilling Company, Inc. President and COO and company insider (initial ownership filing).
15 Aug 2005director interest notice● Neutral
Charles E Davidson became a Bronco Drilling Company, Inc. 10%+ owner and company insider (initial ownership filing).
15 Aug 2005director interest notice● Neutral
Joseph Jacobs became a Bronco Drilling Company, Inc. 10%+ owner and company insider (initial ownership filing).
15 Aug 2005director interest notice● Neutral
David L Houston became a Bronco Drilling Company, Inc. director and company insider (initial ownership filing).
15 Aug 2005director interest notice● Neutral
Phillip Lancaster became a Bronco Drilling Company, Inc. director and company insider (initial ownership filing).
15 Aug 2005director interest notice● Neutral
Michael O Thompson became a Bronco Drilling Company, Inc. director and company insider (initial ownership filing).
15 Aug 2005director interest notice● Neutral
Zachary M Graves became a Bronco Drilling Company, Inc. CFO and company insider (initial ownership filing).
15 Aug 2005director interest notice● Neutral
Mike Liddell became a Bronco Drilling Company, Inc. director and company insider (initial ownership filing).
2 Aug 2005securities registration● Neutral
Bronco Drilling Company, Inc. amended a filing by which it registered a securities offering with the SEC.
14 July 2005securities registration● Neutral
Bronco Drilling Company, Inc. amended a filing by which it registered a securities offering with the SEC.
1 June 2005securities registration● Neutral
Bronco Drilling Company, Inc. registered a securities offering with the SEC.