Apache said late Tuesday that it will offer 21 million shares of common stock as well as $1.1 billion of mandatory convertible preferred stock consisting of 22 million depositary shares. Apache said underwriters have a 30-day option to purchase up to 3.15 million additional shares of its common stock and up to 3.3 million additional depositary shares. Apache said the concurrent offerings are not contingent upon each other.
The offerings announcement came after Apache said it will buy $7 billion of assets in North America and Egypt from BP, which is still struggling with the oil spill in the Gulf of Mexico that has persisted since the April 20 rig explosion. Apache purchased BP's Permian Basin assets in Texas and southeast New Mexico, gas properties in western Canada, and business interests, including exploration, in Egypt.
Despite the offerings announcement, shares of Apache were up 27 cents, or 0.3%, to $88.55.Elsewhere, Genco Shipping & Trading (GNK) shares fell after the company announced concurrent public offerings of convertible senior notes and common stock. Genco will offer $100 million in notes due 2015 as well as 2.82 million shares of common stock. Underwriters of the note offering have a 30-day option to buy $15 million of the convertible senior notes, while underwriters of the stock offering have the option to buy 423,000 shares of common stock. Genco said net proceeds from the offerings will be used to fund a portion of the purchase price for its previously announced acquisitions of 13 drybulk vessels from Bourbon SA and five drybulk vessels from affiliates of Metrostar Management. Genco shares were falling by 89 cents, or 5%, to $16.84. Meanwhie, Juniper Networks (JNPR) said late Tuesday it has filed a shelf registration to offer $1.5 billion in securities, replacing an expired shelf registration. The announcement came as the network equipment maker reported second-quarter results that topped analysts' forecasts. Juniper shares were lately down 61 cents, or 2.3%, to $26.08. Sierra Bancorp (BSRR) said it has filed with the Securities and Exchange Commission for a $100 million mixed shelf offering, with proceeds of any offering to be used to increase the company's capital and for general corporate purposes. Sierra shares were off 1.1% to $11.72. In IPO news, Camelot Information Systems (CIS) priced its initial public offering of 13.3 million shares at $11 per American depositary share. That compares to the expected pricing range of $11 to $13. Shares of the software company fell to $10.65 in the stock's debut on the New York Stock Exchange. -- Written by Robert Holmes in Boston. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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