Kodiak Gas Announces Public Offering Of 4.853 Mln Shares

(RTTNews) - Kodiak Gas Services, Inc. (KGS), provider of natural gas contract compression services, on Thursday announced the commencement of an underwritten public offering of 4.853 million shares by an affiliate of the funds known as EQT Infrastructure III and EQT Infrastructure IV.

The selling stockholder intends to grant the underwriters an option to purchase up to an additional 728,034 shares.

Kodiak will not sell any shares or receive any proceeds from the sale of the shares. However, it intends to purchase $15 million of shares from the selling stockholder in a private transaction.

Notwithstanding the foregoing, the number of shares to be offered in will be equal to 6 million shares less the number of shares the company would repurchase based on the public offering price.

The share repurchase is being made pursuant to the company's existing $50 million share repurchase program.

Following the completion of this share repurchase, $35 million of shares will remain under the share repurchase drive.