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Laredo Petroleum Holdings Inc Prices Offering of Common Stock


Monday, 12 Aug 2013 06:40pm EDT 

Laredo Petroleum Holdings Inc announced the pricing of an underwritten public offering of 16,000,000 shares of its common stock at a public offering price of $23.75 per share. The Company is offering 13,000,000 shares of common stock, and certain affiliates of Warburg Pincus LLC and members of the Company's management are offering an additional 3,000,000 shares of common stock. Certain of the selling stockholders have granted the underwriters a 30-day option to purchase up to 2,400,000 additional shares at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about August 19, 2013. Upon closing of the offering, affiliates of Warburg Pincus LLC will own approximately 57% of the Company's shares of common stock. The Company intends to use the net proceeds from the sale of the shares of common stock offered by it to implement the Company's planned exploration and development activities, accelerate its capital program, and for general corporate purposes. The Company will not receive any of the proceeds from the sale of the shares of common stock offered by the selling stockholders. J.P. Morgan, Goldman, Sachs & Co., Wells Fargo Securities, BofA Merrill Lynch and BMO Capital Markets are acting as joint bookrunners for the offering. Barclay's, Capital One Southcoast, Citi and Credit Suisse are acting as senior co-managers for the offering. 

Company Quote

18.21
-0.58 -3.09%
30 Oct 2014