21,428,580 common shares sold with 2,142,858 warrants to Relational
By Devika Patel
Knoxville, Tenn., May 28 - Magnum Hunter Resources Corp. said it plans a $150 million private placement of stock with Relational Investors LLC.
The company will sell 21,428,580 common shares at $7.00 per share, which is a 4.5% discount to the May 27 closing share price of $7.33.
Relational will also receive 2,142,858 warrants, which are each exercisable at $8.50. The strike price is a 15.96% premium to the May 27 closing share price.
Settlement is expected May 29.
Proceeds will be used for general corporate purposes.
Magnum is a Houston-based oil and gas exploration and development company.
| Issuer: | Magnum Hunter Resources Corp.
|
| Issue: | Common stock
|
| Amount: | $150 million
|
| Shares: | 21,428,580
|
| Price: | $7.00
|
| Warrants: | 2,142,858
|
| Warrant strike price: | $8.50
|
| Investor: | Relational Investors LLC
|
| Pricing date: | May 28
|
| Settlement date: | May 29
|
| Stock symbol: | NYSE: MHR
|
| Stock price: | $7.33 at close May 27
|
| Market capitalization: | $1.39 billion
|
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