North Texas energy services firm plans IPO

Select Energy Services Inc. of Gainesville, a provider of water and other technologies uses in unconventional oil and gas drilling and production, has filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering.

There was no pricing information listed with the filing, but the company said it intends to use the proceeds in four main areas:

• Up to $51 million will be used to repay borrowings incurred under our credit facility to fund the cash portion of the purchase price of the Permian Acquisition.

• $10.7 million will be used for the cash settlement of outstanding phantom units at SES Holdings

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• Approximately $5 million will be used for growth capital expenditures in the Bakken, including the expansion of the Bakken Pipeline systems; and

• The balance will be used for general corporate purposes, including other organic and acquisition growth

The company intends to list its stock on the New York Stock Exchange under the symbol WTTR.

Underwriters for the offering are Credit Suisse, FBR, Wells Fargo, Merrill Lynch, Citigroup, JPMorgan, Deutsche Bank, RBC Capital Markets, Simmons and Tudor Pickering Holt.

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According to the company’s filing:

“We are a leading provider of total water solutions to the U.S. unconventional oil and gas industry. Within the major shale plays in the United States, we believe we are a market leader in sourcing and transfer of water (both by permanent pipeline and temporary pipe) prior to its use in drilling and completion activities associated with hydraulic fracturing or fracking, which we collectively refer to as pre-frac water services.”