[Context:On January 12, Riverstone-backed Liberty Oilfield Services priced an upsized IPO raising at least USD 194.5m. Further details and related links are below.]


Liberty Oilfield|Riverstone

Liberty Oilfield Services Inc. Prices Upsized Initial Public Offering

DENVER–January 12–(BUSINESS WIRE)–Liberty Oilfield Services Inc. (NYSE: LBRT) (“Liberty”) announced today the pricing of an upsized initial public offering of 12,731,092 shares of its Class A common stock at $17.00 per share. The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “LBRT” on January 12, 2018. In addition, Liberty and the selling shareholder granted the underwriters a 30-day option to purchase up to an additional 1,909,663 shares of Liberty’s Class A common stock at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on January 17, 2018, subject to customary closing conditions.

Liberty expects to receive approximately $194.5 million of net proceeds from the offering, or $220.4 million if the underwriters exercise their option to purchase additional shares in full. Liberty intends to contribute the net proceeds of the offering it receives to Liberty Oilfield Services New HoldCo LLC (“Liberty LLC”), its subsidiary, in exchange for limited liability company units in Liberty LLC (“Liberty LLC Units”). Liberty LLC intends to use such net proceeds to repay borrowings incurred under Liberty’s credit facility, to repay borrowings under Liberty’s term loan and for general corporate purposes, including funding a portion of Liberty’s 2018 and other future capital expenditures. If the underwriters exercise their option to purchase additional shares, Liberty intends to use the proceeds it receives to redeem shares of Class A common stock or Liberty LLC Units from certain existing holders.

Morgan Stanley, Goldman Sachs & Co. LLC, Wells Fargo Securities, Citigroup, J.P. Morgan and Evercore ISI are acting as joint book-running managers for the offering. The offering of these securities will be made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933. A copy of the prospectus may be obtained from:

Morgan Stanley
Attention: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014

Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Street
New York, NY 10282
Telephone: 1-866-471-2526
Email: prospectus-ny@ny.email.gs.com

Wells Fargo Securities
c/o Equity Syndicate Department
375 Park Avenue
New York, NY 10152
Telephone: 1-800-326-5897
Email: cmclientsupport@wellsfargo.com

Important Information

A registration statement relating to these securities has been filed with, and declared effective by, the SEC. The registration statement may be obtained free of charge at the SEC’s website at www.sec.gov under “Liberty Oilfield Services Inc.” This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Liberty Oilfield Services Inc.

Liberty Oilfield Services Inc. is an independent provider of hydraulic fracturing services to onshore oil and natural gas exploration and production companies in North America.