• Most Popular
  • Most Shared

UPDATE 1-Clean Energy raises stock sale size, prices at discount

Fri Jun 26, 2009 7:50am EDT

Stocks

   

* Raises offering by 2.2 mln shares

* Offering priced at $8.30/shr

* Offer price at 8 pct discount to Thursday's close

* Shares fall 3 pct in pre-market trade

June 26 (Reuters) - Clean Energy Fuels (CLNE.O) said its public offering of 8.2 million shares was priced at $8.30 apiece, a discount of 8 percent to the stock's Thursday closing price.

The natural gas provider, one of the many energy firms who have chosen equity offerings as a means to raise funds to bolster their capital budget and expansion plans, had earlier said it plans to offer up to 6 million shares.

The underwriters, led by Merrill Lynch & Co, also have an option to purchase up to about 1.2 million additional shares to cover overallotments, if any.

The offering is expected to close on July 1.

Shares of the Seal Beach, California-based company fell 3 percent to $8.74 in trading before the bell on Friday. They closed at $9.00 Thursday on Nasdaq. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Anne Pallivathuckal)



More from Reuters

Photo

Senate on track to pass healthcare bill

WASHINGTON (Reuters) - Senate Democrats moved closer on Monday to passing landmark healthcare legislation by Christmas after scoring a win in the first big test vote and gaining the support of a powerful lobbying group for doctors. | Video

Photo

Political risk clouds Asia

The economic outlook is strong, but the danger of a sudden correction hangs over Asian markets - as political risks could turn sunshine to storm clouds in the blink of an eye.  Full Article 

Two men shake hands in a file photo.    REUTERS/File

Let's make a deal

The battered M&A sector will make a tepid recovery in the coming year and three hot sectors will lead the way, according to a Thomson Reuters analysis.  Full Article