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Stock Market & Financial Investment News

News Breaks
December 31, 2012
16:42 EDTFTKFlotek repurchased $50M in convertible notes, intent to redeem additional notes
In a press release from earlier today Flotek Industries announced that it has entered into transactions to repurchase approximately $50M of the company's outstanding convertible notes from existing holders. The transactions, privately negotiated, provide for the company to repurchase $50.312M of the outstanding notes from institutional holders for an average of approximately 100.59% of par value plus accrued interest. The Company will fund the repurchase with cash on hand and through its recently announced term loan under the $75M credit facility with PNC bank. The transactions are scheduled to close on December 31.
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