Bookrunners SunTrust Robinson Humphrey and Seaport Global assisted
By Devika Patel
Knoxville, Tenn., April 26 – Ring Energy, Inc. said the underwriters for its initial public offering of stock opted to exercise the deal’s $8.4 million greenshoe in full, lifting total proceeds of the offering to $64.4 million. The deal was announced April 20 and priced for $56 million with the greenshoe on April 21.
The company sold 11.5 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. Of the shares, 1.5 million were part of the fully exercised greenshoe.
SunTrust Robinson Humphrey, Inc. and Seaport Global Securities LLC were the bookrunners.
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: | $64.4 million, including $8.4 million greenshoe of 1.5 million shares
|
| Shares: | 11.5 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: | $293.03 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
