Energy and utility company
exercised its rights under a forward sale agreement with an affiliate of
J. P. Morgan Securities
. They entered in to an agreement in November 2005 as part of its public offering of 4.6 million shares of common stock at $53.70.
Under terms of the agreement, J. P. Morgan as the forward purchaser borrowed and sold 2.7 million shares, or 58.7% of public offering.
WPS Resources had the right to elect physical or cash settlement of the forward sale agreement within about one year of the date of the public offering. And forward sale agreement was physically settled at about $51.72 a share, after underwriters' fees and other adjustments for aggregate net proceeds of about $139.6 million.
The company said that proceeds will be used to partially finance the acquisition of the Michigan and Minnesota natural gas distribution operations from
and for general corporate purposes.
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