Sanchez Energy Corp. (NYSE: SN) priced an upsized underwritten public offering of 9.6 million shares of common stock at $23 per share.
The company has granted to the underwriters a 30-day option to purchase up to some 1.4 million additional shares to cover over-allotments. Net proceeds will be used to partially fund the previously announced Wycross acquisition, to fund a portion of its 2013 and preliminary 2014 capital budget, which is primarily focused on the Eagle Ford shale, and for general corporate purposes, including working capital. The offering is expected to close on or about Sept. 18, subject to customary closing conditions.
Johnson Rice & Co. LLC and RBC Capital Markets are joint book-running managers. The underwritten public offering will be made only by means of a prospectus supplement and accompanying base prospectus.
Sanchez Energy Corp. an independent energy company focused on the acquisition, exploration, and development of unconventional oil and natural gas resources. The company is headquartered in Houston.