Houston-KBR, the engineering, construction, and services subsidiary of Halliburton (NYSE: HAL), has announced the pricing of its initial public offering of 27,840,000 shares of its common stock at $17.00 per share. The shares have been approved to trade on the New York Stock Exchange under the symbol “KBR.” KBR expects to receive approximately $441 million of proceeds from the offering, net of underwriting fees and estimated expenses. KBR intends to use the proceeds to repay indebtedness owed to subsidiaries of Halliburton. The offering is expected to close on November 20, 2006, subject to customary closing conditions. In addition, KBR has granted the underwriters an option to purchase up to an additional 4,176,000 shares to cover over-allotments, if any. After the IPO, Halliburton will remain the majority stockholder of KBR, with approximately 83 percent of KBR’s outstanding common stock (or 81 percent of KBR’s outstanding stock if the underwriters exercise their over-allotment option in full).
Transparency Across the Fertilizer Value-Chain