Halcón Resources Corporation (NYSE: HK) announced the commencement of an underwritten secondary offering of 35,000,000 shares of its common stock offered by EnCap Energy Capital Fund VIII L.P. The underwriters will also have a 30-day option to purchase up to 5,250,000 additional shares (100% secondary) of common stock from the Selling Shareholder. Halcón will not sell any shares or receive any proceeds from the offering.
On a fully diluted basis, the Selling Shareholder owns, as of the date hereof through its interest in HALRES LLC, 102,666,667 common shares representing in the aggregate approximately 32% of Halcón's diluted common shares. After giving effect to the offering on a fully diluted basis and assuming no exercise of the underwriter's option to purchase additional shares, the Selling Shareholder will own, through its interest in HALRES LLC, 67,666,667 shares of the Company's common stock, representing approximately 21% of Halcón's diluted share count. The Selling Shareholder will retain approximately 66% of its original interest in the Company on a fully diluted basis.
Barclays, Goldman, Sachs & Co. and J.P. Morgan are acting as the joint book-running managers of the offering.
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