MHR, will be interesting to see how much $ they can raise at this price...
Magnum Hunter Resources Announces Public Offering of 8.0% Series "D" Preferred Stock
Market Wire
9:33 AM (GMT-05:00) Eastern Time (US & Canada) Mar 09, 2011
Magnum Hunter Resources
HOUSTON, TX, Mar 09 (Marketwire) --
Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE Amex: MHR-PrC)
(the "Company") announced today that it is commencing, subject to market
conditions, an underwritten public offering of shares of its
non-convertible 8.0% Series D Cumulative Preferred Stock (liquidation
preference of $50.00 per share). The offering is being made on a "best
efforts" basis pursuant to an effective shelf registration statement that
the Company previously filed with the Securities and Exchange Commission.
Upon issuance, the Company anticipates that the 8.0% Series D Cumulative
Preferred Stock will be listed for trading on the NYSE Amex under the
ticker symbol "MHR.PR.D."
Wunderlich Securities and McNicoll, Lewis & Vlak LLC are acting as the
joint book running managers for the offering.
The Company intends to use net proceeds from the offering for capital
expenditures, working capital, acquisitions, directly or indirectly, of
oil and natural gas properties, repayment or refinancing of indebtedness,
investments in its subsidiaries, or general corporate purposes, which may
include, among other things, redeeming a portion of the Company's
outstanding equity interests. Pending any specific application, the
Company may initially invest funds in short-term marketable securities or
apply them to the reduction of short-term indebtedness. |
