Company also arranges $150 million five-year revolver
By Devika Patel
Knoxville, Tenn., June 17 – Ring Energy, Inc. said it plans a $30 million private placement of stock.
The company will sell 2 million restricted common shares at $15.00 per share. The price per share is a 1.77% discount to the June 16 closing share price of $15.27.
SunTrust Robinson Humphrey, Inc. is the lead placement agent, and Global Hunter Securities, LLC is the co-placement agent.
Settlement is expected Tuesday.
The company also said SunTrust Robinson Humphrey was the lead arranger for a new $150 million five-year senior secured revolving credit facility, with an initial borrowing base of $40 million.
Ring Energy is an oil and gas company based in Redlands, Calif.
| Issuer: | Ring Energy, Inc.
|
| Issue: | Restricted common shares
|
| Amount: | $30 million
|
| Shares: | 2 million
|
| Price: | $15.00
|
| Warrants: | No
|
| Agents: | SunTrust Robinson Humphrey, Inc. (lead placement agent) and Global Hunter Securities, LLC (co-placement agent)
|
| Pricing date: | June 17
|
| Settlement date: | June 17
|
| Stock symbol: | OTCBB: RNGE
|
| Stock price: | $15.27 at close June 16
|
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