BOSTON ( TheStreet) -- Kodiak Oil & Gas (KOG) shares were on the rise even after the company priced a secondary offering at a discount to the previous session's closing price.
Kodiak Oil & Gas
said it has priced its public offering of 25 million shares of common stock at $2.75 per share, compared with Thursday's closing price of $2.88. Underwriters have been granted a 30-day option to purchase up to 3.75 million additional shares to cover overallotments, if any.
Kodiak said it intends to use the net proceeds to fund its working capital needs and capital expenditures related to drilling and development on its operated and non-operated properties, which are principally in the Bakken play in North Dakota, and to finance the potential acquisition of oil and gas properties in certain core areas, such as the Bakken play.
Shares of Kodiak Oil & Gas were climbing 4.2% to $3 at the start of trading Friday.
In other offering news,
Sun Healthcare Group
said it has priced its public offering of 26.75 million shares of common stock at $7.75 per share for approximately $195.3 million in net proceeds. If the underwriters use a 30-day option to purchase up to approximately 4.01 million additional shares to cover overallotments, net proceeds will total $224.8 million.
Sun Healthcare said intends to use the net proceeds from this offering to repay a portion of the outstanding term loans under its existing credit facility. Shares of the company were down 0.3% to $7.97 at the start of trading.
(NCMI - Get Report)
shares fell after the cinema advertising company priced an offering of 10.7 million shares of common stock being sold by selling stockholders at $16 per share. Underwriters have a 30-day option to purchase up to roughly 1.34 million additional shares to cover overallotments, if any. National CineMedia said it will not receive any proceeds from the sale.
Shares of National CineMedia were down 3.7% to $15.80.
(DAC - Get Report)
announced the sale of approximately 54 million shares of its common stock priced at $3.70 per share. The Greek containerships company said funds will be used towards the completion of Danaos' current building program. Shares of the company closed Thursday at $3.93.
filed with the
Securities and Exchange Commission
for a $75 million mixed shelf offering. Neurogesx said net proceeds may be used to repay or repurchase debt, and may be used for licensing or acquiring intellectual property or to fund possible investments in and acquisitions of complementary businesses or partnerships.
Shares of Neurogesx were off 4.1% to $5.80.
-- Written by Robert Holmes in Boston
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