Company offers 62.5 million shares at $7.04 per share through offering
By Devika Patel
Knoxville, Tenn., Dec. 29 – Eclipse Resources Corp. negotiated a $440 million private placement of stock on Dec. 27, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company will sell 62.5 million common shares at $7.04 apiece, a 4.22% discount to the Dec. 26 closing share price of $7.35. The offering price is also the average closing price of the stock for the five-day period ending, and including, Dec. 26, the company said in a press release.
KeyBanc Capital Markets is the agent.
Investors include EnCap Energy Capital Fund VIII, LP, EnCap Energy Capital Fund VIII Co-Investors, LP, EnCap Energy Capital Fund IX, LP, The Hulburt Family II LP, CKH Partners II, LP, Kirkwood Capital, LP, Buckeye Investors LP, GSO Capital Opportunities Fund II LP, GSO Eclipse Holdings I LP, Fir Tree Value Master Fund, LP, Luxor Capital Partners, LP and Luxor Capital Partners Offshore Master Fund, LP.
Settlement is expected Jan. 28.
Proceeds will be used for a capital expenditure plan and general corporate purposes.
Eclipse Resources is a State College, Pa.-based oil and gas exploration and production company.
| Issuer: | Eclipse Resources Corp.
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| Issue: | Common stock
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| Amount: | $440 million
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| Shares: | 62.5 million
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| Price: | $7.04
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| Warrants: | No
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| Agent: | KeyBanc Capital Markets
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| Investors: | EnCap Energy Capital Fund VIII, LP, EnCap Energy Capital Fund VIII Co-Investors, LP, EnCap Energy Capital Fund IX, LP, The Hulburt Family II LP, CKH Partners II, LP, Kirkwood Capital, LP, Buckeye Investors LP, GSO Capital Opportunities Fund II LP, GSO Eclipse Holdings I LP, Fir Tree Value Master Fund, LP, Luxor Capital Partners, LP and Luxor Capital Partners Offshore Master Fund, LP
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| Pricing date: | Dec. 27
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| Settlement date: | Jan. 28
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| Stock symbol: | NYSE: ECR
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| Stock price: | $7.35 at close Dec. 26
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| Market capitalization: | $1.29 billion
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