Bookrunners SunTrust Robinson Humphrey and Seaport Global will assist
By Devika Patel
Knoxville, Tenn., April 21 – Ring Energy, Inc. said it priced a $56 million public sale of stock with an $8.4 million greenshoe. The offering was announced on Wednesday.
The company will sell 10 million common shares at $5.60 per share. The price per share reflects a 17.28% discount to the April 20 closing share price of $6.77.
SunTrust Robinson Humphrey, Inc. and Seaport Global Securities LLC are the bookrunners.
Settlement is expected April 26.
Proceeds will be used for the company’s pilot horizontal drilling program, to repay some debt under its $50.9 million 3.1% revolving credit facility due 2019 and for general corporate purposes.
Ring Energy is an oil and gas company based in Redlands, Calif.
| Issuer: | Ring Energy, Inc.
|
| Issue: | Common stock
|
| Amount: | $56 million
|
| Greenshoe: | $8.4 million, or 1.5 million shares
|
| Shares: | 10 million
|
| Price: | $5.60
|
| Warrants: | No
|
| Bookrunners: | SunTrust Robinson Humphrey, Inc. and Seaport Global Securities LLC
|
| Announcement date: | April 20
|
| Pricing date: | April 21
|
| Settlement date: | April 26
|
| Stock symbol: | NYSE: REI
|
| Stock price: | $6.77 at close April 20
|
| Market capitalization: | $186.64 million
|
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