Eclipse Resources Corporation Announces Closing of Public Offering of Common Stock
Eclipse Resources Corporation (“Eclipse Resources” or the “Company”)
announced today the completion of an underwritten public offering of
37,500,000 shares of its common stock at a price to the public of $3.50
per share. The Company has granted the underwriters a 30-day option to
purchase up to an additional 5,625,000 shares of the Company’s common
stock.
The Company received approximately $123 million of net proceeds from the
Offering (after deducting underwriting discounts and commissions and the
Company’s estimated offering expenses). The Company intends to use all
of the net proceeds from the offering, including any net proceeds from
the underwriters’ exercise of their option to purchase additional
shares, to fund a portion of the Company’s capital expenditure plan
through 2017 and for general corporate purposes.
Goldman, Sachs & Co., KeyBanc Capital Markets Inc., Morgan Stanley & Co.
LLC and BMO Capital Markets Corp. acted as joint lead book-running
managers of the offering.
The offering was made by means of a prospectus supplement and an
accompanying base prospectus, each of which was part of an effective
shelf registration statement previously filed by the Company with the
Securities and Exchange Commission (“SEC”). An electronic
copy of the prospectus supplement and accompanying base prospectus may
be obtained at no charge on the SEC’s website at www.sec.gov.
A copy of the prospectus supplement and the accompanying base prospectus
relating to the offering may also be obtained from the offices of:
Goldman, Sachs & Co. Attn: Prospectus Department 200
West Street New York, New York 10282 prospectus-ny@ny.email.gs.com Telephone:
1-866-471-2526
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KeyBanc Capital Markets Inc. Attn: Prospectus Delivery
Department 127 Public Square, 4th Floor Cleveland, Ohio
44114 Telephone: 1-800-859-1783
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Morgan Stanley & Co. LLC
Attn: Prospectus Department
180 Varick Street, 2nd floor
New York, NY 10014
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BMO Capital Markets Corp.
Attn: Equity Syndicate Department
3 Times Square
New York, NY 10036
bmoprospectus@bmo.com
Telephone: 1-800-414-3627
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This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of any securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
About Eclipse Resources
Eclipse Resources is an independent exploration and production company
engaged in the acquisition and development of oil and natural gas
properties in the Appalachian Basin, including the Utica and Marcellus
Shales.
Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of federal securities laws. Such forward-looking statements are
subject to a number of risks and uncertainties, many of which are
beyond the Company’s control. All statements, other than statements of
historical fact, included in this press release are forward-looking
statements. All forward-looking statements speak only as of the date of
this press release. Although the Company believes that the plans,
intentions and expectations reflected in or suggested by the
forward-looking statements are reasonable, there is no assurance that
these plans, intentions or expectations will be achieved. Therefore,
actual outcomes and results could materially differ from what is
expressed, implied or forecast in such statements.
The Company cautions you that these forward-looking statements are
subject to all of the risks and uncertainties, most of which are
difficult to predict and many of which are beyond the Company’s control,
incident to the exploration for and development, production, gathering
and sale of natural gas, natural gas liquids and oil. These risks
include, but are not limited to, legal and environmental risks, drilling
and other operating risks, regulatory changes, commodity price
volatility and the recent significant decline of the price of natural
gas, natural gas liquids and oil, inflation, lack of availability of
drilling, production and processing equipment and services, counterparty
credit risk, the uncertainty inherent in estimating natural gas, natural
gas liquids and oil reserves and in projecting future rates of
production, cash flow and access to capital, risks associated with the
Company’s level of indebtedness, the timing of development expenditures
and the other risks described in the Company’s filings with the SEC.
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