Southwestern Energy Co. (NYSE: SWN) said Jan. 21 that it closed concurrent public offerings of 30 million common shares and 34.5 million depositary shares.
Net proceeds from both offerings totaled about 2.3 billion, the company said.
Underwriters exercised the option to purchase additional common shares, which upsized the offering. The common shares were priced at $23 each, and there was about $668.7 million in proceeds, Southwestern said.
The underwriters also purchased additional depositary shares, upsizing the offering. Net proceeds from this offering totaled about $1.7 billion. Each depositary share represented a 5% interest in a share of 6.25% Series B mandatory convertible preferred stock, the company said.
All proceeds will partly repay borrowings under the $4.5 billion, 364-day bridge term loan facility.
BofA Merrill Lynch, Citigroup (NYSE: C), J.P. Morgan, Wells Fargo Securities LLC and BMO Capital Markets were joint book-running managers for the common stock offering.
BofA Merrill Lynch, Citigroup, J.P. Morgan, Wells Fargo Securities LLC and BNP PARIBAS were joint book-running managers for the depositary share offering , the company said.
Spring, Texas-based Southwestern Energy Co. produces and develops domestic oil and natural gas.
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