Rochester, NY 7/15/2009 4:38:02 AM
ALY - Allis-Chalmers Energy Announces Closing of Transactions with Lime Rock Partners
Allis-Chalmers Energy Inc.
ALLIS-CHALMERS ENRGY, ALY
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Allis-Chalmers Energy Inc. announced the closing of its previously announced private placement transactions with Lime Rock Partners V, L.P. Lime Rock had agreed to backstop Allis-Chalmers' previously announced rights offering by purchasing from Allis-Chalmers, at a price of $2.50 per share, shares not purchased by Allis-Chalmers' existing stockholders. Pursuant to this backstop commitment, Lime Rock purchased from Allis-Chalmers 19,889,044 shares of Allis-Chalmers' common stock, representing approximately 27.9% of Allis-Chalmers' common stock outstanding after the closing of the rights offering and the backstop commitment. The backstop commitment yielded gross proceeds to Allis-Chalmers of approximately $49.7 million.
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