July 25 (Reuters) - Clayton Williams Energy Inc
* Clayton Williams Energy announces agreement to sell $150 million of common stock
* Proceeds from sale will provide liquidity for potential debt reduction transactions related to 2019 senior notes among others
* Ares will have right to nominate one of two new directors, subject to approval by board’s nominating and governance committee
* Sale for cash proceeds of $150 million, or approximately $29.70 per share
* Transaction was approved by board of directors
* Sale of 5.1 million shares of common stock to funds managed by Ares Management, L.P.
* Lenders under co’s term loan credit facility waived certain restrictions to enable co to use proceeds from equity issuances
* Board of directors will be expanded from seven to nine directors
* Is seeking a successor to Michael Pollard, chief financial officer, who has announced his desire to step down as CFO Source text for Eikon: Further company coverage:
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