This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Stock Offerings: Southwest Bancorp

NEW YORK ( TheStreet) -- Southwest Bancorp (OKSB - Get Report) shares sank Monday after the company announced a $40 million public offering of common stock.

Southwest Bancorp shares have more than doubled in 2010, although the stock took a 6.6% hit after the company said it will hold a public offering of common stock for gross proceeds of approximately $40 million. Currently, there are 14.78 million shares outstanding

Proceeds from the offering will be used to increase Southwest Bancorp's capital for regulatory purposes and for general corporate purposes, including investment in its banking subsidiaries, the company said.

Lately, Southwest Bancorp shares were down $1.01 to $14.36.

Elsewhere, The PMI Group (PMI) said on Sunday it will offer $400 million in common stock and $200 million in convertible senior notes. Some of the net proceeds will be used to pay down a credit facility and for working capital and general corporate purposes. In addition, some of the net proceeds will be contributed to the PMI Mortgage Insurance subsidiary.

The PMI Group's offering announcement came as the mortgage insurer said its first-quarter loss ballooned to $1.94 a share from $1.41 a share in the year-ago quarter. Analysts had been looking for a smaller quarterly loss of 94 cents a share, according to Thomson Reuters. Revenue was down 36% from a year ago to $156.6 million, below the $172 million consensus.

In other offering news, Patriot Coal (PCX) said it will offer $250 million in senior notes due 2018, with net proceeds from the offering to be used for working capital and general corporate purposes.

Separately, Patriot Coal said it has received commitments of at least $350 million to amend and restate its revolving credit facility with an extended maturity of about two years. Patriot said the restatement is conditioned upon the closing of the $250 million note offering.

Patriot Coal shares were tacking on 0.3% to $23.88.

Terremark Worldwide (TMRK) was also out with a note offering. The information technology services provider priced a $50 million offering of 12% senior secured notes due 2017, with net proceeds to be used for working capital and other purposes, including supporting the growth of its business. Terremark shares rose 3.5% to $7.50 in early trading.

In related news, Hyperdynamics (HDY) said it will use a majority of the proceeds from its $10.6 million registered direct offering to fund a 3D seismic survey, which the company increased in size to 3,500 square kilometers from 2,000 square kilometers.

Hyperdynamics said the increased survey will help the chances of success in the drilling phase next year. Shares were lately down 1.6% to $1.21.

-- Written by Robert Holmes in Boston.

Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
HDY $0.33 -0.63%
OKSB $17.24 0.00%
AAPL $123.25 0.00%
FB $83.30 0.00%
GOOG $548.34 0.00%

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs