Newfield Exploration (NYSE: NFX) has closed its public offering of 25,300,000 shares of its common stock, including 3,300,000 shares sold to the underwriters pursuant to their option to purchase additional shares, which the underwriters exercised in full on Feb. 27.
Following this issuance, Newfield now has approximately 162,687,200 shares of common stock issued and outstanding. Total net proceeds of the offering, after underwriting discounts and estimated offering expenses, will be approximately $815 million and will be used to repay amounts outstanding under Newfield's credit facility and money market lines of credit and for general corporate purposes.
Credit Suisse Securities (USA) LLC acted as sole book-running manager for the offering. JP Morgan Securities LLC, Goldman, Sachs & Co., Tudor, Pickering, Holt & Co. Securities Inc., and Wells Fargo Securities LLC acted as co-managers for the offering.