Southwestern Exceeds Goal in New Stock Offering, Raises $1.2B

southwestern energyLast week MDN reported that Southwestern Energy, a major Marcellus/Utica driller, was floating up to 86 million shares of new stock looking to raise $1.1 billion (see Southwestern Floats $1.1B of New Stock, Offers to Buy Back IOUs). If you do the math, it worked out to ~$12.75 per share. The stock offering is done and dusted. Southwestern ended up selling 98.9 million shares for $1.247 billion, or $12.60 per share. Not too shabby in a down market where investors have been reluctant to continue funding oil and gas companies…

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