Android app on Google Play

Enerplus (ERF) Announces $345 Million Equity Offering

January 17, 2012 5:23 PM EST Send to a Friend
Enerplus (NYSE: ERF) has entered into an agreement to issue to a syndicate of Canadian underwriters on a bought deal basis 12,790,000 common shares at a price of $23.45 per share for gross proceeds of approximately $300 million.

Enerplus has granted the underwriters an option, exercisable in whole or in part until 30 days following closing, to purchase up to 1,918,500 additional common shares at the same offering price, to cover over-allotments, if any, and for market stabilization purposes.

Should the underwriters' over-allotment option be fully exercised, the total gross proceeds of the financing will be approximately $345 million.

The net proceeds from the offering will be used to finance a portion of Enerplus' 2012 capital expenditure program.




You May Also Be Interested In


Related Categories

Equity Offerings

Add Your Comment