Finance - Equity
The remaining net proceeds will support other general corporate purposes. Mammoth did not receive any proceeds from the sale of the shares by the selling stockholders.
Energy-focused private-equity firm EIV Capital completed its $20 million investment commitment to Gazelle Transportation, according to an Oct. 12 press release.
The offering is expected to close on Oct. 21. J.P. Morgan Securities LLC and Goldman Sachs & Co. are joint book-running managers.
Founded by a retired NFL player and his high school buddy—with land deals signed on the hood of a pickup—the Fort Worth oil and gas company is now worth nearly $3 billion, according to a half dozen bankers who have examined its value.
RSP expects total gross proceeds of about $874.5 million from the offering, which will be used to pay for its purchase of Silver Hill. If the acquisition doesn't occur, RSP will use the proceeds to fund its 2017 capital budget.
Locke Lord LLP advised Tailwater, and Mack Matheson & Marchesoni PLLC and Stephens Inc. advised Producers Midstream.
Credit Suisse Securities (USA) LLC is the book-running manager. Barclays Capital Inc. and Piper Jaffray & Co. are joint book-running managers.
The private placement is scheduled to close on Oct. 7. Barclays and Wells Fargo Securities were placement agents.
The underwriters will likely receive an option to purchase 1.5 million additional units to cover overallotments.
The company, based in Colorado's Denver-Julesburg Basin and backed by private equity firm Yorktown Partners LLC, said it expected to price the offering of 33.3 million shares at between $15 and $18 each.
The company, headquartered in Oklahoma City, plans to focus on the acquisition and development of conventional and unconventional oil and gas properties primarily in the Sooner State.
Encana Corp. also launched an equity offering for $1 billion, raising the possibility of a Montney sale, analyst says.