Sector Update: Energy Shares are Flat to Lower in Pre-Market Trade; FuelCell Prices $38 Mln in Senior Notes


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Top Energy Stocks

XOM: -0.93%

CVX: -0.91%

COP: flat

SLB: flat

OXY: flat

Energy shares are flat to lower in pre-market trade, while crude oil futures are also lower.

Light, sweet crude oil for June delivery is down $1.72 at $96.76 a barrel. In other energy futures, heating oil is down $0.04 at $2.84 a gallon while natural gas is down $0.06 at $3.90 per million British thermal units.

In energy ETFs , the United States Oil Fund ( USO ) is down 2% to $34.10. The United States Natural Gas ETF ( UNG ) is down 1.4% at $20.76.

In other energy news, FuelCell Energy ( FCEL ) has priced its senior convertible notes offering of $38 million principal amount of its 8.00% senior unsecured convertible notes due June 15, 2018.

Under the terms of the notes, the company will pay interest semi-annually in arrears and the notes will mature on June 15, 2018, unless converted. The notes are convertible into shares of FuelCell Energy common stock at a conversion rate of 645.1613 shares of common stock per $1,000 principal amount of convertible notes, equivalent to a conversion price of $1.55 per share of common stock. FCEL is flat at $1.36 in pre-market.

FuelCell intends to use the estimated net proceeds of approximately $36 million from the offering for working capital and general corporate purposes.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
More Headlines for: FCEL , UNG , USO

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