EP Energy Completes Initial Public Offering of Common Stock
January 23 2014 - 12:11PM
Marketwired
EP Energy Completes Initial Public Offering of Common Stock
HOUSTON, TX--(Marketwired - Jan 23, 2014) - EP Energy
Corporation (NYSE: EPE) ("EP Energy") today announced the
completion of its initial public offering of 35,200,000 shares of
its common stock at a public offering price of $20.00 per share. EP
Energy's common stock commenced trading on the New York Stock
Exchange on January 17, 2014 under the ticker symbol "EPE." The
underwriters have a 30-day option to purchase from EP Energy up to
an additional 5,280,000 shares of common stock at the public
offering price (less the underwriting discounts and
commissions).
Net proceeds to EP Energy from the sale of the shares of its
common stock, after deducting the underwriting discounts and
commissions and estimated offering and other expenses, are
approximately $664 million (or $765 million if the underwriters'
option to purchase additional shares is exercised in full). On the
closing date, EP Energy used the net proceeds to (i) satisfy and
discharge all of the outstanding 8.125%/8.875% Senior PIK Toggle
Notes due 2017 issued by its subsidiaries, EPE Holdings LLC and EP
Energy Bondco Inc., including the redemption premium and the
accrued and unpaid interest on those notes, (ii) repay certain
outstanding borrowings under the reserve-based revolving credit
facility and (iii) pay a fee under a management fee agreement with
certain affiliates of EP Energy's sponsors.
Credit Suisse and J.P. Morgan acted as joint book-running
managers for the offering. Citigroup, Goldman, Sachs & Co.,
Morgan Stanley, Deutsche Bank Securities, UBS Investment Bank, BMO
Capital Markets, RBC Capital Markets and Wells Fargo Securities
also acted as book-running managers. Evercore, Tudor, Pickering,
Holt & Co., Barclays, Jefferies, BofA Merrill Lynch, BBVA,
Nomura, Scotiabank / Howard Weil, SOCIETE GENERALE and TD
Securities acted as senior co-managers, and Capital One Securities,
CIBC, SunTrust Robinson Humphrey, ING, Mizuho Securities, SMBC
Nikko, Stephens Inc., Lebenthal Capital Markets and Topeka Capital
Markets acted as co-managers.
The offering of these securities was made only by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended, copies of which may be obtained from:
Credit Suisse Attn: Prospectus Department One Madison Avenue New
York, NY 10010 Telephone: (800) 221-1037 Email:
newyork.prospectus@credit-suisse.com
J.P. Morgan Via Broadridge Financial Solutions 1155 Long Island
Avenue Edgewood, NY 11717 Telephone: (866) 803-9204
You may also obtain the prospectus for free from the Securities
and Exchange Commission ("SEC") at www.sec.gov.
A registration statement relating to these securities has been
filed with, and declared effective by, the SEC. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy any of the securities described above nor shall there
be any sale of the securities described above in any state or other
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.
Forward-Looking Statements This news release contains
forward-looking statements within the meaning of the federal
securities laws. These forward-looking statements involve certain
risks and uncertainties. EP Energy undertakes no obligation to
publicly update or revise any forward-looking statement.
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