Anadarko Raising Cash (APC)
Anadarko Petroleum Corporation (NYSE: APC) has announced that it will be raising cash via a public secondary of its common stock. The exploration and production company in the oil and gas sector is selling some 30 million common shares. Net…
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Net proceeds from the offering are expected to be used for general corporate purposes, including future capital expenditures.
UBS and Barclays are acting as joint book-running managers for the offering, and these underwriters have been granted a 30-day overallotment option to purchase up to 4.5 million additional shares.
Anadarko shares closed down 6% at $48.84 in regular trading, and the reaction in the after-hours session has shares down another 5.5% at $46.13. The 52-week trading range is $24.57 to $81.36.
JON C. OGG
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