CorEnergy Infrastructure Trust Inc. (NYSE: CORR) announced Nov. 18 the pricing of its underwritten public equity offering.
CorEnergy, based in Kansas City, Mo., agreed to sell 13 million shares of its common stock at $6.80 per share.
The gross proceeds of the offering are expected to be $88.4 million, before underwriting discounts and other estimated offering expenses. CorEnergy has granted the underwriters a 30-day option to purchase up to an aggregate of some 2 million additional shares of common stock.
CorEnergy intends to use the net proceeds for the acquisition of the ownership and operations of the MoGas Pipeline System, which it agreed to buy for $125 million in cash.
BofA Merrill Lynch and Wells Fargo Securities are joint book-running managers. The offering is expected to close on or about Nov. 24.
Recommended Reading
Plus 16 Bcf/d: Power Hungry AI Chips to Amp US NatGas Draw
2024-04-09 - Top U.S. natural gas producers, including Chesapeake Energy and EQT Corp., anticipate up to 16 Bcf/d more U.S. demand for powering AI-chipped data centers in the coming half-dozen years.
Turning Down the Volumes: EQT Latest E&P to Retreat from Painful NatGas Prices
2024-03-05 - Despite moves by EQT, Chesapeake and other gassy E&Ps, natural gas prices will likely remain in a funk for at least the next quarter, analysts said.
CNX Joins Crowd of Companies Cutting Back NatGas Production
2024-03-12 - Appalachian gas producer CNX Resources is reducing natural gas production in 2024 and announced delays for well completions on three shale pads.
Midstream Builds in a Bearish Market
2024-03-11 - Midstream companies are sticking to long term plans for an expanded customer base, despite low gas prices, high storage levels and an uncertain political LNG future.
Exclusive: Can NatGas Save the 'Fragile' Electric Grid?
2024-02-28 - John Harpole, the founder and president of Mercator Energy, says he is concerned about meeting peak electric demand and if investors will hesitate on making LNG export facilities investment decisions after the Biden administration's recent LNG pause, in this Hart Energy LIVE Exclusive interview.