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Plains Exploration & Production Company raises $414 million through public offering of common stock

Posted on: Thu, 13 Aug 2009 14:20:00 EDT

Symbols: PXP

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Aug 13, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
PXP | Quote | Chart | News | PowerRating -- Plains Exploration & Production Company (PXP), a US-based oil and gas company, has raised $414 million through a public offering of common stock. Including the over-allotment option which was exercised in full by the underwriters, the company sold a total of 17.25 million shares of common stock at a price of $24 per share.

Announcement (August 6, 2009):

PXP has priced its pubic offering of 15 million shares of its common stock at $24 per share, to raise gross proceeds of $360 million.

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) 414
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-08-12

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         17250000

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