MVK Maverick Tube

Maverick Tube Corporation (NYSE:MVK) announced today that it has closed the private offering of its $220 million aggregate principal amount of 1.875% convertible senior subordinated notes due 2025. Morgan Stanley served as initial purchaser of the convertible senior subordinated notes. Maverick also announced that it has committed approximately $164.2 million of the net proceeds of the offering to repurchase approximately 4.9 million shares of Maverick common stock in connection with the offering of the notes and in open market purchases through November 15. Maverick also has used approximately $25.7 million of the net proceeds of the offering to enter into convertible note hedge and warrant transactions. These transactions are intended to reduce the potential dilution upon future conversion of the notes by providing Maverick with the option, subject to certain exceptions, to acquire shares which offset the delivery of newly issued shares upon settlement of conversions of the notes. This has the economic effect to Maverick of increasing the conversion price of the notes to $52.00 per share. Maverick intends to use the remainder of the net proceeds of the offering to repurchase additional shares of Maverick common stock in the open market from time to time. Maverick Tube Corporation is a St. Louis, Missouri based manufacturer of tubular products used in the energy industry for exploration, production, and transmission, as well as industrial tubing products (steel electrical conduit, standard pipe, pipe piling, and mechanical tubing) used in various applications. This news release may contain forward-looking information that is based on assumptions that are subject to numerous business risks, many of which are beyond the control of the Company. There is no assurance that such assumptions will prove to be accurate. Actual results may differ from these forward-looking statements due to numerous factors, including those described under "Risk Factors" and elsewhere in Maverick's Form 10-K for its year ended December 31, 2004.