Matador Resources Sheds 4% Pre-Bell; Prices 7.5-Mln-Share-Sale For $182 Mln ProceedsTim Kennedy (Author) Published Date : May 30, 2014 01:03 IST
Matador Resources (MTDR) shares were lower over 4% in recent pre-market trade as it priced its public sale of 7.5 million shares for total proceeds for approximately $182 million. The energy company didn't name a specific price per share, but according to proceeds - if gross - the shares will be sold at approximately $24.27 each, a discount to Thursday's closing price of $26.17. MTDR is trading in the upper half of the 52-week range between $9.35 and $29.14. Matador said it plans to use net proceeds for capital expenditures, including to operating rigs in Permian Basin, in the Eagle Ford shale play and in the Wolfcamp and Bone Spring plays in the Permian Basin. It also said it may use proceeds for targeted acquisitions of additional acreage and for other general working capital needs. It plans to repay outstanding borrowings under its revolving credit facility.
Matador Resources Sheds 4% Pre-Bell; Prices 7.5-Mln-Share-Sale For $182 Mln Proceeds