Mitcham Industries, Inc. (Nasdaq: MIND) revealed Wednesday that it commenced a public offering of 600 thousand shares of 9.00 percent Series A Cumulative Preferred Stock at a price of $25.00 per share. According to the company, the public issue was fully underwritten. Additionally, the company expects to grant a 30-day option to the underwriter purchase an additional 90 thousand shares of Series A Preferred Stock.
Mitcham Industries said it plans to use the net proceeds of the offering to repay indebtedness under its $30.0 million revolving credit facility, as well as, the remaining net proceeds, if any, to repay indebtedness under the term loan under its $15.0 million credit facility.
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The sole book-running manager to the issue was Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS).
On Wednesday, the stock traded 0.23 percent higher.