McClendon Plan to Raise Additional $2B in “Unit” Offering

Investors who want a piece of Aubrey McClendon’s plans to develop the Utica Shale are about to get a chance. On Friday, the Wall Street Journal and other media outlets disclosed that McClendon’s new company, American Energy Capital Partners, has filed with the Securities and Exchange Commission to sell up to 100 million “units” (something like a stock) for $20 per unit in an effort to raise up to $2 billion. McClendon plans to use the money to “develop or buy onshore oil and natural gas properties in the United States.” We imagine most of that will be focused on the Utica Shale where McClendon continues to focus his time and energy (see Exclusive: McClendon Buys 24K Acres of SWEPI Leases in OH Utica).

AECP has already raised $1.7 billion (see McClendon Gets a Little Help ($1.7B) from His Friends in OH Utica). Word of advice to Aubrey: Don’t sell any of those units to Carl Icahn…

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