Bookrunner Janney Montgomery raises funds for capital expenditures
By Devika Patel
Knoxville, Tenn., July 11 - Gas Natural Inc. said it priced a $15 million public offering of stock with a $2.25 million greenshoe. The deal was announced on Wednesday.
The company will sell 1.5 million common shares at $10.00 per share. The price per share is a 4.4% discount to the July 10 closing share price of $10.46.
Janney Montgomery Scott LLC is the bookrunning manager.
Settlement is expected on July 16.
Proceeds will be used for capital expenditures, working capital and other general corporate purposes.
Based in Great Falls, Mont., the natural gas utility has operations in Montana, Wyoming, Ohio, Pennsylvania, Maine and North Carolina.
| Issuer: | Gas Natural Inc.
|
| Issue: | Common stock
|
| Amount: | $15 million
|
| Greenshoe: | $2.25 million
|
| Shares: | 1.5 million
|
| Price: | $10.00
|
| Warrants: | No
|
| Bookrunner: | Janney Montgomery Scott LLC
|
| Co-managers: | BB&T Capital Markets and Wunderlich Securities
|
| Announcement date: | July 10
|
| Pricing date: | July 11
|
| Settlement date: | July 16
|
| Stock symbol: | NYSE: EGAS
|
| Stock price: | $10.46 at close July 10
|
| Market capitalization: | $84.23 million
|
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