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Gulfport Prices Latest Offering at $417.2 Million
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Gulfport Energy Corporation reported the pricing of an underwritten public offering of 10,000,000 shares of its common stock at a price to the public of $43.25 per share.
The underwriters have a 30-day option to purchase up to an additional 1,500,000 shares from Gulfport at the public offering price per share (less the underwriting discount). The offering is expected to close on June 12, 2015, subject to customary closing conditions. Net proceeds to Gulfport from the sale of the 10,000,000 shares will be approximately $417.2 million, after deducting underwriting discounts, commissions and estimated offering expenses. Gulfport intends to use the net proceeds from this offering (i) to fund a portion of the purchase price for its previously announced acquisition of certain acreage and other assets in the Utica Shale in Ohio from American Energy—Utica, LLC and (ii) for general corporate purposes, including the funding of a portion of its 2015 capital development plans.
Credit Suisse Securities (USA) LLC is acting as sole book-running manager in the offering.