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Hold (2.42 out of 4)
100th percentile
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Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Friday, April 19, 7:21 PM
Slide #402. Southwestern Energy Company — Preferred Stock Offering
Company: |
Southwestern Energy Company (NYSE:SWN) |
Date announced: |
1/12/2015 |
Shares Offered: |
26,086,957 |
Date of Pricing: |
1/15/2015 |
Price Per Share: |
$23.00 |
Preferred Stock Offering Details: |
Southwestern Energy Company (NYSE: SWN) today announced that it is commencing registered underwritten public offerings of 20,260,000 shares of its common stock and 26,000,000 depositary shares, each of which represents a 1/20th interest in a share of Southwestern Energy's Series B Mandatory Convertible Preferred Stock, with a liquidation preference of $1,000 per share (equivalent to a $50 liquidation preference per depositary share). Southwestern Energy will grant the respective underwriters a 30-day option to purchase up to 3,039,000 additional shares of its common stock and, solely to cover over-allotments, up to 3,900,000 additional depositary shares. The offering of the common stock is not contingent upon the offering of the depositary shares, and the offering of the depositary shares is not contingent upon the offering of the common stock. The proceeds from the offerings will be used to partially repay borrowings under Southwestern Energy's $4,500,000,000 364-day bridge term loan facility. |
Southwestern Energy is a holding company. Through its subsidiaries, Co. is an independent energy company engaged in exploration, development and production activities, including the related marketing of natural gas, associated natural gas liquids (NGLs) and oil produced in its operations. Co.'s primary business is the exploration for and production of natural gas as well as associated NGLs and oil, with its ongoing operations focused on the development of unconventional natural gas reservoirs located in Pennsylvania, West Virginia, Ohio and Louisiana. Co.'s marketing activities market and transport natural gas, oil, and NGLs primarily produced in its exploration and production operations.
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