EQT Floats ~7.5M New Shares of Stock, Hopes to Raise $437M

Last Friday EQT, one of the largest Marcellus and Utica Shale drillers, announced they are floating 6.5 million shares of new common stock, and a potential extra 975,000 shares for the underwriter, Goldman Sachs, for a total of nearly 7.5 million shares. Not long after announcing the stock offering, they made a second announcement of the price–$58.50 per share. If EQT sells all 7,475,000 shares of stock for $58.50 per share, it will net the company $437 million in cash. What will they do with it? It will be used for “general corporate purposes” and potentially to pay down some debt. Here’s the twin announcements from Friday…

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