| Ticker: CRBO | 600 East Las Colinas Boulevard, Suite 1520 | |
| Exchange: NASDAQ-National Market | Irving, Texas 75039 | |
| Industry: Manufacturing | (214) 401-4090 |
| Type of Shares: | Common Shares | Filing Date: | 3/4/96 | |
| U.S. Shares: | 2,200,000 | Offer Date: | 4/23/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $15.00 - $17.00 | |
| Primary Shares: | 2,000,000 | Offer Price: | $17.00 | |
| Secondary Shares: | 200,000 | Gross Spread: | $1.19 | |
| Offering Amount: | $35,200,000 | Selling: | $0.70 | |
| Expenses: | $875,000 | Reallowance: | $0.10 | |
| Shares Out After: | 14,302,000 |
| Manager | Tier | Phone |
| Lehman Brothers Incorporated | Lead Manager | (212) 640-6129 |
| Simmons & Company | Co-manager | (713) 223-7840 |
| Auditor: Ernst & Young | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 12/31/95 | ||||
| Revenue: | $58.00 | Assets: | $39.09 | ||
| Net Income: | $13.46 | Liabilities: | $7.71 | ||
| EPS: | $0.96 | Equity: | $31.38 | ||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is the world's leading producer and supplier of ceramic proppants, which are spherical, ceramic granules used in the hydraulic fracturing of natural gas and oil wells. Ceramic proppants are a premium product capable of withstanding higher pressure and providing more highly conductive fractures, thereby generating higher production rates and more favorable production economics, than mined sand, which is the most commonly used proppant type. Hydraulic fracturing is the primary method used to stimulate the recovery of natural gas and oil from hydrocarbon bearing formations. The fracturing process consists of pumping fluids down a natural gas or oil well at pressures and flow rates sufficient to split the formation and create fractures extending 1,000 feet or more from either side of the well. Granular materials, such as ceramic proppants or sand-based proppants, are suspended in the fluid and pack newly created fracture, keeping the fracture open once high pressure pumping stops. The proppant-filled fracture creates a permeable channel through which the hydrocarbon can flow more freely from the formation to the well and then to the surface. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay debt, including certain Notes held by current shareholders of the company and for general corporate purposes including the repayment of a portion of borrowings made to pay certain additional distributions of current earnings to current shareholders. |
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