By a News Reporter-Staff News Editor at Energy Weekly News -- Rice Energy Inc. (NYSE:RICE) (the "Company") announced the completion of its underwritten public offering of 13,729,650 shares of its common stock at $27.30 per share, including 1,790,824 shares pursuant to the full exercise by the underwriters of their option to purchase additional common stock from the selling stockholders named in the registration statement. The Company sold 7,500,000 shares of its common stock, and the selling stockholders, affiliates of Natural Gas Partners and Alpha Natural Resources, sold 6,229,650 shares of the Company's common stock.
The net proceeds received by the Company from the sale of 7,500,000 shares of its common stock were approximately $196.3 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds to fund a portion of its 2014 capital budget. The Company will not receive any of the proceeds from the sale of shares of the Company's common stock by the selling stockholders.
Goldman, Sachs & Co., Barclays Capital Inc., Citigroup Global Markets Inc. and Wells Fargo Securities, LLC acted as joint book-running managers of the offering.
Keywords for this news article include: Rice Energy Inc.
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