Sanchez Energy Corp. (
) is down 2.6% at $19.04, but above an earlier day's low of $18.53,
after it today announced that it has priced a private offering to
eligible purchasers of 2.5 mln shares of a newly created series of
convertible preferred stock, to be designated as 4.875% Cumulative
Perpetual Convertible Preferred Stock, Series A.
Net proceeds from this offering are expected to be approximately
$120.4 mln, or approximately $144.6 if the initial purchasers
exercises its option in full.
SN said it intends to use the net proceeds from this offering to
fund its capital expenditures and to accelerate its drilling
program across all of its operating areas, for its other operating
expenses, and for general corporate purposes. Closing of the
private offering is expected to occur on or about September 17,
The annual dividend on each share of convertible preferred stock
is $2.4375 and is payable quarterly.
SN is moving on volume of 783,648 vs the 30-day avg of 237,235
and trades in a 52-week range of $16.37 - $25.37. Shares have risen
4% in the last 12 months.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.