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Spark Energy signs at-the-market deal to sell $50 million of 8.75% cumulative preferreds
By Stephanie N. Rotondo
Seattle, July 21 – Spark Energy Inc. inked an at-the-market sales agreement to offer up to $50 million of its 8.75% series A fixed-to-floating rate cumulative redeemable perpetual preferred stock (Nasdaq: SPKEP), the company said in a prospectus filed with the Securities and Exchange Commission on Friday.
The company initially sold $35 million of the preferreds on March 9.
FBR Capital Markets & Co. is acting as the sales agent.
The dividend is fixed until April 15, 2022, at which point it will begin floating at Libor plus 657.8 basis points.
The issue becomes redeemable on or after April 15, 2022 at par plus accrued dividends. The issue is also redeemable upon a change of control.
Proceeds will be used for general corporate purposes, which may include, among other things, funding working capital, capital expenditures, liquidity for operational contingencies, debt repayments and acquisitions.
Spark Energy is a Houston-based independent retail energy services company.
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