Finance & Investing | Fundraising | Capital Markets
Carrizo Upsizes Public Offering to $211.8 Million
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Carrizo Oil & Gas, Inc. has priced an underwritten public offering of 5,500,000 shares of its common stock, which was upsized from the previously announced offering of 5,300,000 shares.
Carrizo has granted the underwriters an option to purchase up to 825,000 additional shares. The total gross proceeds of the offering (before underwriters' discounts and commissions and estimated offering expenses) will be approximately $211.8 million. 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.
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