Crestview-backed Select Energy Services goes public


Select Energy Services Inc, which is backed by Crestview Capital, has raised $121.8 million for its IPO of 8.7 million shares after pricing it at $14 per share. The stock began trading April 21, 2017 on the New York Stock Exchange under the ticker symbol “WTTR.” Credit Suisse, FBR, Wells Fargo Securities, BofA Merrill Lynch, Citigroup and J.P. Morgan are serving as the underwriters. Select Energy Services is a provider of total water solutions for the U.S. unconventional oil and gas industry.

PRESS RELEASE

HOUSTON, April 20, 2017 /PRNewswire/ — Select Energy Services, Inc. (NYSE: WTTR) (“Select”) announced today the pricing of its initial public offering of 8,700,000 shares of its Class A common stock at $14.00 per share. The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “WTTR” on April 21, 2017. In addition, Select granted the underwriters a 30-day option to purchase up to an additional 1,305,000 shares of Select’s Class A common stock at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on April 26, 2017, subject to customary closing conditions.

Select intends to contribute all of the approximately $111.4 million of net proceeds, or $128.6 million if the underwriters exercise their option to purchase additional shares in full, Select will receive from this offering to SES Holdings, LLC (“SES Holdings”), its subsidiary, in exchange for limited liability company units in SES Holdings. SES Holdings intends to use the net proceeds to repay borrowings incurred under its credit facility to fund the cash portion of the purchase price of a recent acquisition in the Permian Basin, for substantially all of its 2017 budgeted capital expenditures and for the cash settlement of outstanding phantom units at SES Holdings.

Credit Suisse, FBR, Wells Fargo Securities, BofA Merrill Lynch, Citigroup and J.P. Morgan are acting as joint book-running managers for the offering. The offering of these securities will be made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933. A copy of the prospectus may be obtained from:

Credit Suisse Securities (USA) LLC
Attention: Prospectus Department
Eleven Madison Avenue
New York, New York 10010
Telephone: (800) 221-1037
[email protected]

FBR Capital Markets & Co.
Attention: FBR Prospectus Department
1300 North 17th Street, Suite 1300
Arlington, Virginia 22209
Telephone: (703) 312-9580
[email protected]

Wells Fargo Securities, LLC
c/o Equity Syndicate Department
375 Park Avenue
New York, NY 10152
Telephone: 1-800-326-5897
[email protected]

About Select Energy Services, Inc.
Select Energy Services, Inc. is a leading provider of total water solutions to the U.S. unconventional oil and gas industry. Select provides for the sourcing and transfer of water (both by permanent pipeline and temporary pipe) prior to its use in the drilling and completion activities associated with hydraulic fracturing, as well as complementary water-related services that support oil and gas well completion and production activities including containment, monitoring, treatment, flowback, hauling and disposal.

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