Why Gastar Exploration (GST) Stock Is Down Today

NEW YORK (TheStreet) -- Gastar Exploration (GST) was falling 3.2% to $6.31 Friday after announcing the pricing for its 17 million share offering of common stock.

The oil and gas company priced the 17 million share offering at $6.25 a share. The underwriters of the offering have a 30-day option to buy up to an additional 2.55 million shares of common stock.

Gastar Exploration expects net proceeds of about $101.2 million from the offering, or about $116.4 million is the underwriters exercise the option to buy additional shares. The company plans to use the proceeds to repay all of its outstanding borrowings under its revolving credit facility, to fund its drilling and development program, and for general corporate purposes.

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GST Chart GST data by YCharts

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