In a March 3 statement, Newfield Exploration Co. (NYSE: NFX) announced the closing of its previously announced public offering. Included in the offering were 25.3 million shares of Newfield’s common stock, including 3.3 million shares sold to the underwriters pursuant to their option to purchase additional shares, which the underwriters exercised in full on Feb. 27.
Newfield now has about 162.7 million shares of common stock issued and outstanding. After underwriting discounts and estimated offering expenses, total net proceeds of the offering will be about $815 million. Newfield plans to use the proceeds to repay amounts outstanding under Newfield’s credit facility and money market lines of credit and for general corporate purposes.
Credit Suisse Securities (USA) LLC acted as sole book-running manager for the offering. J.P. Morgan Securities LLC, Goldman, Sachs & Co., Tudor, Pickering, Holt & Co. Securities Inc., and Wells Fargo Securities LLC acted as co-managers for the offering.
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