(Alliance News) - Kosmos Energy Ltd on Friday priced its underwritten public offering launched on Thursday at USD3.30 per share, putting the value of the offering at USD123.8 million.
In addition to the main offer of 37.5 million shares, the Dallas, Texas-based deep-water oil and gas firm has granted the underwriters for the offering a 30-day option to purchase up to 5.6 million shares at the offering price, which would bring in an additional USD18.6 million.
The offering price reflects a 7.0% discount to Kosmos Energy's closing price in New York on Thursday of USD3.55.
Shares in Kosmos Energy were up 3.8% at 248.00 pence on Friday in London. Its New York shares were up 1.4% at USD3.60 in pre-market trade.
Net proceeds from the offering will go towards repaying outstanding borrowings under Kosmos Energy's commercial debt facility, which includes borrowings incurred to partly fund the acquisition of Anadarko WCTP Co.
Barclays, BofA Securities and Jefferies were joint book running managers for the offering.
On Thursday, Kosmos Energy had announced the acquisition of an additional 18% stake in the Jubilee field and an additional 11% interest in the TEN fields in Ghana from US oil firm Occidental Petroleum Corp for USD550 million.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Kosmos Energy (KOS)