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PXP has granted the underwriters a 30-day option to purchase up to an additional 2.25 million shares of common stock. The offering is expected to settle on August 12, 2009.
Earlier on the same day, PXP has commenced a registered underwritten public offering of 15 million shares of its common.
Goldman, Sachs & Co., Barclays Capital Inc., J.P. Morgan Securities, Inc., and UBS Securities, LLC are acting as joint book-running managers for the offering.
Deal Value (US$ Million) 360 Deal Type IPO Sub-Category Secondary Offering Deal Status Announced: 2009-08-06
Deal Participants
Target (Company) Plains Exploration & Production Company
Deal Rationale
PXP would use the net proceeds from the offering for general corporate purposes, including funding a portion of the payment of the remaining drilling carry under its agreement with Chesapeake Energy Corporation covering its Haynesville acreage.
Offer Price ($ per share) 24 No. Shares Issued 15000000
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