Gastar prices public offering of common stock

Gastar Exploration Inc.

Gastar Exploration Inc. (NYSE MKT: GST) has priced 17,000,000 shares of its common stock, par value $0.001 per share, at a price to the public of $6.25 per share, in a public offering pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission.

In connection with the offering, Gastar has granted the underwriters a 30-day option to purchase up to an additional 2,550,000 shares of common stock. Gastar expects to receive net proceeds of approximately $101.2 million (or $116.4 million if the underwriters exercise their option to purchase additional shares), after deducting estimated fees and expenses (including underwriting discounts and commissions).

Gastar intends to use the net proceeds from the offering to repay all of the outstanding borrowings under its revolving credit facility, to fund its drilling and development program and for general corporate purposes. Gastar expects the offering to close on Sept. 24.

Barclays Capital Inc., Johnson Rice & Co. LLC and Wells Fargo Securities LLC are acting as joint bookrunners for the offering; and Tudor, Pickering, Holt & Co. Securities Inc., and Imperial Capital LLC are acting as joint lead managers for the offering.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...