Summary
EQT Corporation filed an 8-K on March 16, 2010, to report the completion of a public offering of 12,500,000 shares of its common stock at $44.00 per share. The offering, which was made under a previously filed shelf registration statement, generated significant proceeds that the company intends to use for accelerating the development of its Marcellus and Huron/Berea natural gas plays. This equity issuance increases the total outstanding shares of common stock to 143,836,272. The filing also details the Underwriting Agreement executed on March 10, 2010, with several prominent underwriters, including J.P. Morgan Securities Inc. and Barclays Capital Inc. The agreement includes customary provisions for the sale of stock, representations, warranties, covenants, and indemnification. EQT Corporation also granted the underwriters an option to purchase an additional 1,875,000 shares, providing potential for further capital raise or increased dilution depending on the exercise of this option.
Key Highlights
- 1EQT Corporation completed a public offering of 12,500,000 shares of common stock.
- 2The offering price was $44.00 per share.
- 3Net proceeds from the offering will be used to accelerate development of the Marcellus and Huron/Berea natural gas plays.
- 4The offering resulted in an increase of outstanding common stock to 143,836,272 shares.
- 5An Underwriting Agreement was entered into on March 10, 2010, with J.P. Morgan, Barclays Capital, Credit Suisse, and Deutsche Bank as representatives of the underwriters.
- 6Underwriters were granted a 30-day option to purchase up to an additional 1,875,000 shares.
- 7The Underwriting Agreement includes standard representations, warranties, covenants, indemnification, and contribution provisions.