XTO Energy Inc. (NYSE: XTO) intends to sell 20,000,000 shares of common stock in a secondary offering, pursuant to its shelf offering. Lehman Brothers, Goldman Sachs, and JPMorgan are joint book-runners for the offering, and the overallotment option is for 3 million shares.
Proceeds of the offering are expected to fund recently announced property acquisitions and to repay indebtedness under its commercial paper program.
At current prices, this would indicate a sale of some $1.13 Billion in stock, and today’s market cap is $27.3 Billion.
XTO shares closed up 1% at $56.61, but shares are down roughly 2% on this offering.
Jon C. Ogg
February 13, 2008
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