Upsized: Gulfport Looks to Raise $358 Million for 2017 Drilling

March 10, 2016 - Upsized

Gulfport Energy Corporation reported the pricing of an underwritten public offering of 14,700,000 shares of its common stock at a price to the public of $25.25 per share.

The 14,700,000 share offering represents a 700,000 share upsize to the originally proposed 14,000,000 share offering. The underwriters have a 30-day option to purchase up to an additional 2,205,000 shares from Gulfport at the public offering price per share (less the underwriting discount). The offering is expected to close on March 15, 2016, subject to customary closing conditions. Net proceeds to Gulfport from the sale of the 14,700,000 shares will be approximately $358.0 million, after deducting underwriting discounts, commissions and estimated offering expenses. Gulfport intends to use the net proceeds from this offering primarily to fund a portion of its 2017 capital development plan and for general corporate purposes.

Credit Suisse Securities (USA) LLC and Scotia Capital (USA) Inc. are acting as joint book-running managers in the offering.

Initial Announcement - March 9, 2016

Gulfport Energy Corporation announced the commencement of an underwritten public offering of 14,000,000 shares of its common stock, subject to market and other conditions. The underwriters will have a 30-day option to purchase up to an additional 2,100,000 shares from Gulfport. Gulfport intends to use the net proceeds from this offering primarily to fund a portion of its 2017 capital development plan and for general corporate purposes.

At current price of $26.47 the company's gross proceeds would be $364 million before fees.