Bookrunning manager Janney Montgomery Scott will assist
By Devika Patel
Knoxville, Tenn., Oct. 31 - Gas Natural Inc. said it priced an $800,000 public offering of stock with a $1.7 million greenshoe. The deal was announced on Wednesday and will be conducted alongside a $10.54 million secondary sale.
The company will sell 80,000 common shares at $10.00 per share and the selling stockholders will sell 1,054,155 shares. The price per share is a 4.12% discount to the Oct. 30 closing share price of $10.43.
Janney Montgomery Scott LLC is the bookrunning manager.
Settlement is expected on Nov. 5.
Proceeds will be used for capital expenditures, working capital, acquisitions and other general corporate purposes.
Based in Great Falls, Mont., the natural gas utility has operations in Montana, Wyoming, Ohio, Pennsylvania, Maine and North Carolina.
| Issuer: | Gas Natural Inc.
|
| Issue: | Common stock
|
| Amount: | $11,341,550
|
| Shares: | $1,134,155
|
| Price: | $10.00
|
| Warrants: | No
|
| Bookrunner: | Janney Montgomery Scott LLC
|
| Co-managers: | BB&T Capital Markets and Wunderlich Securities
|
| Announcement date: | Oct. 30
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 5
|
| Stock symbol: | NYSE: EGAS
|
| Stock price: | $10.43 at close Oct. 30
|
| Market capitalization: | $101.95 million
|
|
|
| Company sale
|
| Amount: | $800,000
|
| Greenshoe: | $1.7 million
|
| Shares: | 80,000
|
|
|
| Secondary sale
|
| Amount: | $10,541,550
|
| Shares: | 1,054,155
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
