Sanchez Energy to issue common stock in exchange for convertibles

By Angela McDaniels

Tacoma, Wash., May 30 - Sanchez Energy Corp. will issue common stock in exchange for some of its convertible perpetual preferred stock under exchange agreements entered into with the holders on May 29, according to an 8-K filing with the Securities and Exchange Commission.

The holders agreed to exchange 166,025 shares of 4.875% convertible perpetual preferred stock, series A, for 418,715 shares of common stock and 210,820 shares of 6.5% convertible perpetual preferred stock, series B, for 553,980 shares of common stock.

The holders also agreed to waive their rights to any accrued dividends on the convertibles being exchanged.

Closing is expected to occur on June 2 and June 3.

Sanchez Energy is an oil and gas exploration and development company based in Houston.

© 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.