News Column

Eclipse Resources Corporation Prices Initial Public Offering

July 5, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- Eclipse Resources Corporation ("Eclipse Resources" or the "Company") announced the pricing of its initial public offering of 30,300,000 shares of common stock at $27.00 per share. The shares are expected to begin trading on the New York Stock Exchange on June 20, 2014 under the ticker symbol "ECR." The Company is offering 21,500,000 shares of its common stock and the selling stockholders named in the registration statement are offering 8,800,000 shares of the Company's common stock. The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 4,545,000 shares of the Company's common stock. The offering is expected to close on June 25, 2014, subject to customary closing conditions.

The Company intends to use the net proceeds of approximately $545.2 million (after deducting underwriting discounts and commissions and the estimated offering expenses payable by the Company) to repay all outstanding borrowings under its revolving credit facility and to fund a portion of its capital expenditure plan. The Company will not receive any of the proceeds from the sale of shares of the Company's common stock by the selling stockholders.

Citigroup Global Markets Inc., Goldman, Sachs & Co., and Morgan Stanley & Co. LLC are acting as joint lead book-running managers for the offering. Barclays Capital Inc., BMO Capital Markets Corp., Deutsche Bank Securities Inc., KeyBanc Capital Markets Inc. and RBC Capital Markets, LLC are also acting as book-running managers for the offering.

Keywords for this news article include: Investment and Finance, Eclipse Resources Corporation.

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Source: Investment Weekly News


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