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Halcon Resources Corporation has commenced, subject to market conditions, an underwritten public offering of $300 million of the Company's Series A Cumulative Perpetual Convertible Preferred Stock. Halcon intends to grant the underwriters for the offering a 30-day option to purchase up to an additional $45 million in additional shares to cover over-allotments, if any.
The Company intends to use the net proceeds from the offering to repay a portion of its outstanding borrowings under its senior secured revolving credit facility.
J.P. Morgan and Barclays are acting as joint book-running managers in connection with this offering.