Summary
This SEC Form 8-K filing from Kinder Morgan, Inc. (KMI) reports on a significant secondary offering of Class P common stock. On October 12, 2012, the company and selling stockholders entered into an underwriting agreement with Barclays Capital Inc. for the sale of approximately 69.3 million shares of common stock. The transaction closed on October 17, 2012. Crucially for investors, Kinder Morgan, Inc. itself did not sell any shares, nor did it receive any proceeds from this offering. The net proceeds, totaling approximately $2.35 billion, went directly to the selling stockholders. The filing also notes that the shares were registered under a previously effective Form S-3 registration statement.
Key Highlights
- 1Kinder Morgan, Inc. (KMI) entered into an Underwriting Agreement on October 12, 2012.
- 2The agreement facilitated the sale of 69,296,921 shares of Class P common stock by selling stockholders.
- 3The sale was underwritten by Barclays Capital Inc.
- 4The offering closed on October 17, 2012.
- 5The selling stockholders received net proceeds of approximately $2.3492 billion.
- 6Kinder Morgan, Inc. did not sell any shares, and did not receive any proceeds from this offering.
- 7The shares were registered under a previously effective Form S-3 registration statement.
Frequently Asked Questions
No, Kinder Morgan, Inc. did not sell any shares in this offering and therefore did not receive any of the proceeds. The net proceeds went directly to the selling stockholders.
The filing refers to 'selling stockholders listed on Schedule II to the Underwriting Agreement.' Specific names are not provided in this 8-K, but they were parties to the Underwriting Agreement.
The net proceeds to the selling stockholders after deducting underwriting discounts were approximately $2.3492 billion for the sale of 69,296,921 shares.
The shares sold were Class P common stock, par value $0.01 per share.