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Sanchez Energy Corp Prices Private Offering Of $125 Million In Convertible Preferred Stock

Wednesday, 12 Sep 2012 08:30am EDT 

Sanchez Energy Corp announced that it has priced a private offering to eligible purchasers of 2.5 million shares of a newly created series of convertible preferred stock, to be designated as 4.875% Cumulative Perpetual Convertible Preferred Stock, Series A. Sanchez Energy has also granted the initial purchasers a 30-day option to purchase up to 500,000 additional shares of the convertible preferred stock solely to cover over-allotments. Net proceeds from this offering are expected to be approximately $120.4 million, or approximately $144.6 if the initial purchasers exercises option in full. Sanchez Energy intends to use the net proceeds from this offering to fund capital expenditures, and, in particular, to accelerate drilling program across all of operating areas, for other operating expenses, and for general corporate purposes. Closing of the private offering is expected to occur on or about September 17, 2012. 

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0.35 +1.07%
29 Aug 2014