Energen to repay revolver borrowings with common stock proceeds

By Tali Rackner

Norfolk, Va., Feb. 17 – Energen Corp. plans to repay borrowings under its credit facility maturing Aug. 30, 2019, with the proceeds from a $334 million common stock offering, according to an 8-K filing with the Securities and Exchange Commission.

Proceeds will also be used to fund drilling and for development activities and/or other general corporate purposes.

The company priced an upsized public offering of 15.8 million shares of its common stock on Wednesday, an increase from the originally proposed 12 million share offering. The offering is expected to close on Feb. 22.

Energen is an oil and gas exploration and production company based in Birmingham, Ala.

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