Note 19 - Subsequent Events |
6 Months Ended |
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Apr. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] |
Note 19 — Subsequent EventsOn March 18, 2019, the Company entered into an Interest Purchase Agreement pursuant to which it agreed to acquire all of the outstanding equity interests of Capital Pumping LP and its affiliates (the “Capital Acquisition”) for $129.2 million in an all-cash transaction. The acquisition closed on May 15, 2019 and was financed with a combination of (i) $78.2 million of net proceeds from a public offering by the Company of 18,098,166 shares of its common stock at $4.50 per share (including $9.0 million of net proceeds received pursuant to the exercise of the underwriters’ option to purchase additional shares) and (ii) $60.0 million of incremental term loans under the Company’s Term Loan Agreement. Certain of the Company’s directors and officers and significant stockholders, and certain other investors identified by the Company, purchased an aggregate of 3,980,166 of the shares in the public offering from the underwriters at the same per-share price as was offered to the public. The public offering generated gross proceeds to the Company of $81.4 million. As of April 30, 2019, the Company had capitalized $0.9 million of equity issuance costs that will be transferred into additional paid-in capital in the 2019 third quarter. On March 26, 2019, the Company and certain of its affiliates entered into an Amendment No. 1 to Term Loan Agreement (“Amendment No. 1” ), with Stifel Bank & Trust (“Stifel”) and Credit Suisse AG, Cayman Islands Branch (the “Administrative Agent”), pursuant to which Stifel and certain other lenders agreed to provide incremental term loans in an aggregate amount up to $40 million (the “Additional Term Loans”), which were to be borrowed under, and have substantially the same terms as the term loans previously borrowed under, that certain Term Loan Agreement, for the purpose of financing a portion of the consideration payable for the Capital Acquisition and the fees and expenses in connection therewith and in connection with the Additional Term Loans. On May 10, 2019, the parties to Amendment No. 1 entered into an Amended and Restated Amendment No. 1 to Term Loan Agreement (“Amended and Restated Amendment No. 1” ), pursuant to which Stifel and certain other lenders agreed to provide an additional $20 million of Additional Term Loans, for an aggregate amount of $60 million, the net proceeds of which were used to finance a portion of the purchase price for the Capital Acquisition. The initial accounting for the business combination related to Capital Pumping was not complete at the date of issuance of the Company’s interim financial statements as the fair value accounting for acquired property and equipment has not yet been completed. |