Sanchez Energy Corp. (SN) announced that the initial purchasers of a previously announced private placement of the company's 4.875% cumulative perpetual convertible preferred stock, series A, have exercised in full their option to purchase an additional 500,000 shares, bringing the size of the transaction to an aggregate of 3,000,000 shares.
Aggregate net proceeds of the offering are expected to be approximately $144.6 million.
As previously announced, the company intends to use the net proceeds from this offering to fund its capital expenditures, and, in particular, to accelerate its drilling program across all of its operating areas, for its other operating expenses, and for general corporate purposes.
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