Archrock Prices Public Offering Of $223 Mln Of Shares; Stock Down

(RTTNews) - Archrock, Inc. (AROC), a provider of natural gas compression services and equipment, announced on Tuesday that it has priced an underwritten public offering of 11 million shares at $21 per share for net proceeds of around $223 million.

The offering, to be closed on July 4, has granted the underwriters a 30-day option to purchase up to an additional 1.650 million shares.

Archrock said it intends to use the net proceeds to fund a portion of the cash purchase price for the previously announced acquisition of Total Operations and Production Services, LLC, along with cash on hand, borrowings under the firm's revolving credit facility, and others. AROC was trading down by 6.81 percent at $21.76 in the pre-market trade on the New York Stock Exchange.