Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, May 21, 8:05 AM
|This Slide: #272 of 581|
Slide #272. Jones Energy, Inc. — Preferred Stock Offering
Jones Energy, Inc. (JONE)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Jones Energy, Inc. (NYSE:JONE) ("Jones Energy" or the "Company") announced today the launch of an underwritten public offering of 14,000,000 shares of its Class A common stock, subject to market conditions. The underwriters will have an option to purchase up to an additional 2,100,000 shares of Class A common stock from the Company. -updated 8/19- Jones Energy, Inc. (NYSE:JONE) ("Jones Energy" or the "Company") announced today the pricing of its previously announced underwritten public offerings of 21,000,000 shares of its Class A common stock at $2.77 per share and 1,600,000 of its 8% Series A Perpetual Convertible Preferred Stock (the "Convertible Preferred Stock") having an offering price and liquidation preference of $50 per share. The offerings were upsized from the previously announced offerings of 14,000,000 shares of Class A common stock and 1,000,000 shares of Convertible Preferred Stock. The Company has granted the underwriters a 30-day option to purchase up to an additional 3,150,000 shares of Class A common stock and 240,000 shares of Convertible Preferred Stock in the respective offerings. Both offerings are expected to settle and close on August 26, 2016, subject to customary closing conditions.
Jones Energy is a holding company. Through its subsidiaries, Co. is an oil and gas company engaged in the exploration, development, production and acquisition of oil and natural gas properties in the mid-continent U.S., spanning areas of Texas and Oklahoma. Co.'s operations are focused on horizontal drilling and completions within two areas in Oklahoma and Texas: the Eastern Anadarko Basin, which targets the Woodford shale and Meramec formations in the Merge area of the STACK/SCOOP plays; and the Western Anadarko Basin, which targets the Cleveland, Granite Wash, Tonkawa and Marmaton formations. As of Dec 31 2017, Co. had estimated proved reserves of 104,812,000 barrels of oil equivalent.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com