Finance & Investing | Fundraising | Capital Markets
Carrizo Launches Offering to Fund Potential Permian Acquisitions
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Carrizo Oil & Gas, Inc. has commenced an underwritten public offering of 5,300,000 shares of its common stock. Carrizo has also granted the underwriters an option to purchase up to 795,000 additional shares.
The underwriters may offer the shares of common stock from time to time for sale in one or more transactions on the NASDAQ Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. Carrizo intends to use the net proceeds from this offering, and any proceeds from the exercise of the underwriters' option to purchase additional shares, to repay borrowings under its revolving credit facility, with the remainder for general corporate purposes, including future potential acquisitions with a primary focus in the Permian Basin.
In connection with the offering, Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are serving as the underwriters.
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