CorEnergy begins offering of common stock and convertible notes

CorEnergy Infrastructure Trust Inc. (NYSE: CORR) plans to offer 11.25 million shares of common stock in an underwritten public offering. CorEnergy also intends to allow the underwriters a 30-day option to purchase up to an additional 1.6875 million shares of the common stock, at the public offering price, less the underwriting discount.

CorEnergy also plans to offer $75 million of unsecured convertible senior notes, and to allow the underwriters a 30-day option to purchase up to an additional $11.25 million of unsecured convertible senior notes at the public offering price, less the underwriting discount.

CorEnergy will use the net proceeds from these offerings to partially finance the planned $245 million acquisition of the Grand Isle Gathering System, a subsea pipeline system in the Gulf of Mexico, from Energy XXI Ltd. (NYSE: EXXI).

BofA Merrill Lynch and Wells Fargo Securities will act as joint bookrunning managers for both the common stock offering and the convertible notes 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

Whitepapers

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...