NuStar Energy said it has priced a public offering of 4.4 million common shares representing limited partner interests at $56.55 per share, a discount of 4% to Thursday's closing price of $58.92. Underwriters were given a 30-day option to purchase up to an additional 660,000 common units.
NuStar said net proceeds from the offering will be used for general partnership purposes, including potential future acquisitions and growth capital expenditures.
Shares of NuStar Energy were falling 4.9% to $56.05, as share volume of 1.38 million was well above the three-month average daily volume of 181,000.Both Strategic Hotels & Resorts (BEE) and Con-way (CNW) announced the pricing of their previously announced offerings. Strategic Hotels & Resorts priced its 66 million share common stock offering at $4.60 per share. Underwriters were granted a 30-day option to purchase up to 9.9 million additional shares to cover over-allotments, if any. Shares of Strategic Hotels & Resorts slumped 7.9% to $4.79. Con-Way, meanwhile, priced its offering of 4.3 million common shares at $35 per share. Underwriters have a 30-day option to purchase up to 645,000 additional shares. Con-Way shares were off 0.4% to $35.10. Elsewhere, Rentech (RTK) said in a regulatory filing that it has entered into an equity distribution agreement with Knight Capital Markets, where the company may sell up to $50 million of common shares from time to time through KCM as our sales agent. Shares of the clean energy solutions company were down 3.4% to $1.14. American Capital Agency (AGNC) priced a public offering of 6 million shares of common stock at $25.75 per share. Underwriters have an option for 30 days to purchase up to an additional 900,000 shares to cover overallotments, if any. Total net proceeds of approximately $147 million will be used to acquire additional agency securities as market conditions warrant and for general corporate purposes. American Capital Agency shares were fell 7.6% to $25.45. Bryn Mawr Bank (BMTC) lost 4.7% to $18.88 after the company announced a registered direct offering of nearly 1.55 mln shares of common stock at a price of $17 per share to several specific investors. Net proceeds of approximately $24.7 million will be used for working capital and general corporate purposes, including funding asset growth and financing possible mergers or acquisitions.
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