CenterPoint Energy priced its offering of 22 million shares of common stock at $12.90 per share. Underwriters have an option to purchase up to an additional 3.3 million shares to cover overallotments, if any.
CenterPoint shares dropped 3.2% Wednesday after first announcing the offering.
CenterPoint said it intends to use the net proceeds from this offering for general corporate purposes, including repayment of borrowings under its money pool and making loans to its subsidiaries, including to CenterPoint Energy Resources Corp. to fund its subsidiary's gas gathering and treating projects.Shares of CenterPoint were lately up 1.2% to $13.06. Elsewhere, Cereplast (CERP) shares plummeted 22.3% to $3.45 after the company said it will raise $7.5 million in registered direct financing with institutional investors. Cereplast said institutional investors to purchase approximately 2.13 million units, each consisting of one share of common stock and one warrant to purchase 0.5 of a share at an exercise price of $4.44 per share. Shares of Cereplast rose Wednesday after the bioplastics manufacturer said it expects to ship 16 million pounds of bio-plastic resins in 2010, quadrupling year-ago shipments. Kid Brands (KID) shares slumped 7% to $7.24 after the children's product maker priced an offering of nearly 4.4 million shares on behalf of a selling stockholder at $7.25 per share, a discount of 7% to Wednesday's closing price. Kid Brands noted that it will not receive proceeds from the offering as it will not be issuing new shares. Meanwhile, several companies filed with the Securities and Exchange Commission for mixed shelf offerings, including Douglas Emmett (DEI), LTC Properties (LTC), China XD Plastics (CXDC) and TransAtlantic Petroleum (TAT). -- Written by Robert Holmes in Boston. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV