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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Thu, December 2, 11:22 AM

Slide #560. Sanchez Energy Corporation Preferred Stock Offering

Company: Sanchez Energy Corporation (SN)
Date announced: 9/11/2012
Shares Offered: 2,500,000.00
Date of Pricing: 9/12/2012
Price Per Share: $50
Date of Over-Allotment Closing: 9/14/2012
Final Completed Deal Size: 3000000
Preferred Stock Offering Details: Sanchez Energy Corporation announced that it has commenced a private offering to eligible purchasers of approximately $100 million of a newly created series of convertible preferred stock, to be designated as Cumulative Perpetual Convertible Preferred Stock, Series A. Sanchez Energy expects to grant the initial purchaser a 30-day option to purchase up to an additional approximately $20 million in additional shares of the convertible preferred stock solely to cover over-allotments. Sanchez Energy intends to use the net proceeds from this offering to fund its capital expenditures, and, in particular, to accelerate its drilling program across all of its operating areas, for its other operating expenses, and for general corporate purposes. --updated 9/12/12 -- Sanchez Energy Corporation 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 its option in full. Sanchez Energy intends to use the net proceeds from this offering to fund its capital expenditures, and, in particular, to accelerate its drilling program across all of its operating areas, for its other operating expenses, and for general corporate purposes. Closing of the private offering is expected to occur on or about September 17, 2012 and will be subject to the satisfaction of various customary closing conditions.

Sanchez Energy is an independent exploration and production company focused on the acquisition and development of U.S. onshore unconventional oil and natural gas resources, with a focus on the horizontal development of main resource potential from the Eagle Ford Shale in South Texas. Co. also holds an undeveloped acreage position in the Tuscaloosa Marine Shale in Mississippi and Louisiana.
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Name: 
Sanchez Energy Corp.
Website: 
www.sanchezenergycorp.com
Sector: 
Oil & Gas Exploration & Production
 

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