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Spark Energy ups pricing, extends tender offer for series A perpetuals
By Sarah Lizee
Olympia, Wash., June 2 – Spark Energy, Inc. announced that it has increased pricing and extended the expiration date for its tender offer to purchase up to 1 million shares of its 8.75% series A fixed-to-floating rate cumulative redeemable perpetual preferred stock, according to a press release.
The purchase price has been increased to $22.00 per share in cash from $18.00 per share in cash previously.
In connection with the price increase, the tender offer was extended to June 16 from 11:59 p.m. ET on June 8.
As previously reported, the number of shares proposed to be purchased in the tender offer represents about 27.7% of the company’s currently outstanding series A preferred stock.
The company will use its cash on hand to fund the offer.
Spark Energy may also purchase additional shares, up to 2% of the company’s outstanding shares of series A preferred stock, about 72,151 shares, based on 3,607,571 shares of series A preferred stock issued and outstanding as of May 11.
Under the tender offer, holders may tender all or a portion of their shares.
Holders will receive the purchase price in cash, without interest, subject to the conditions of the tender offer, including the provision relating to proration in the event that the number of shares tendered and not withdrawn exceeds 1,072,151, assuming the company purchases an additional 72,151 shares.
MacKenzie Partners, Inc. (800-322-2885, 212-929-5500, tenderoffer@mackenziepartners.com) is acting as information agent for the tender offer.
The retail energy services company is based in Houston.
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