Supersize Me: Cabot Floats 50.7M Shares of Stock to Raise $1B

Yesterday we told you that EQT had decided to float a new round of stock–up to 7.5 million shares–hoping to raise a good chunk of cash, $437 million (see EQT Floats ~7.5M New Shares of Stock, Hopes to Raise $437M). Seems EQT isn’t the only driller taking that approach. Yesterday Cabot Oil & Gas announced their own plan to issue a new round of common stock. This one is a doozy. Cabot originally announced they’re floating 38 million new shares of common stock, with an option to issue another 5.7 million shares to the banks underwriting the offering. That’s a total of 43.7 million shares that may get sold. A short time later Cabot issued a second press release saying they’ve “upsized” the offering–to 44 million shares and an option for another 6.6 million shares for the underwriters. A total of 50.6 million shares. How much is Cabot asking per share? $20/share–which works out to be a staggering $1 billion! Supersize Me baby!…

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