Rice Energy Sold All the Stock They Wanted at Price They Needed

Rice EnergyLast week MDN told you that Rice Energy had floated stock offerings hoping to raise enough money to buy the Marcellus/Utica assets from the now bankrupt Alpha Resources (see Rice Energy Floats New Round of Stock, Hopes to Raise $488M). Rice sold the entire offering and got net proceeds of $312 million–meaning they have the $200 million needed to buy those assets from Alpha. If no one else comes along and makes a higher bid. The interesting thing to us is that it seemed like it took no time at all for Rice to sell all of the stock they offered at the price they asked for. Which means there’s still an appetite in the investment community to own shares of quality oil and gas company stock…

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