By Angela McDaniels
Tacoma, Wash., Jan. 12 - Magnum Hunter Resources Corp. sold $19.47 million of additional 10¼% series C cumulative perpetual preferred stock.
The sale closed Tuesday and brings the total amount of preferreds sold to $100 million, or 4 million shares.
Prior to the sale, the company had 3,221,025 preferreds outstanding with a total face value of $80.53 million, according to a 424B5 filing with the Securities and Exchange Commission.
The additional preferreds were sold through McNicoll, Lewis & Vlac LLC.
The face value of each preferred is $25.00.
The preferreds are callable at par beginning Dec. 14, 2011.
If the preferreds are not listed on a national exchange or if the company fails to pay dividends in full for any four quarters, the dividend rate will increase to 12½%.
The preferreds are listed on the NYSE Amex under the symbol "MHR.PR.C."
Proceeds will be used for capital expenditures, for working capital, to acquire oil and natural gas properties, to repay or refinance debt, to make investments in subsidiaries or for general corporate purposes.
Magnum Hunter is a Houston-based independent oil and gas exploration and production company.
| Issuer: | Magnum Hunter Resources Corp.
|
| Issue: | Series C cumulative perpetual preferred stock
|
| Amount: | $19,474,375, total now $100 million
|
| Preferreds: | 778,975, total now 4 million
|
| Dividends: | 10¼%
|
| Price: | $25.00 liquidation preference per share
|
| Call option: | From Dec. 14, 2011 onward at par
|
| Manager: | McNicoll, Lewis & Vlac LLC
|
| Settlement date: | Jan. 11
|
| Preferreds symbol: | NYSE Amex: MHR.PR.C
|
| Preferreds price: | $25.24 at close Jan. 12
|
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