Cabot Oil & Gas Corp. (NYSE: COG) has priced an upsized public offering of 44,000,000 shares of its common stock at a price to the public of $20 per share. The company has also granted the underwriters a 30-day option to purchase up to 6,600,000 additional shares of common stock. The offering is expected to close on Feb. 26.
Cabot expects to use the net proceeds from the offering for general corporate purposes, including repaying indebtedness under the company's revolving credit facility, bolstering liquidity, and funding a portion of its capital program.
JP Morgan, BofA Merrill Lynch, and Citigroup are acting as joint book-running managers for the offering.