Spark Energy, Inc. Announces Pricing of Series A Preferred Stock
January 23 2018 - 6:28PM
Spark Energy, Inc. (“Spark” or the “Company”) (NASDAQ:SPKE), an
independent retail energy services company, announced the pricing
of a public offering of 2,000,000 shares of its 8.75% Series A
Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred
Stock (“Series A Preferred Stock”) at a public offering price of
$25.25.
The underwriters have been granted a 30-day
option to purchase up to 250,000 additional shares of Series A
Preferred Stock from Spark, exercisable in whole or in part, at the
public offering price less the underwriting discount. The offering
is scheduled to close on January 26, 2018.
Spark intends to use the net proceeds of
approximately $48.7 million (or approximately $54.8 million if the
underwriters exercise in full their option to purchase an
additional 250,000 shares of Series A Preferred Stock), after
deducting underwriting discounts and an advisory fee, but before
estimated offering expenses, for merger and acquisition
opportunities, international expansion and general corporate
purposes, including to repay a portion of borrowings outstanding
under Spark’s senior secured borrowing base credit facility.
B. Riley FBR, Inc., Janney Montgomery Scott LLC,
BB&T Capital Markets, a division of BB&T Securities, LLC,
and Ladenburg Thalmann & Co. Inc. acted as joint book-running
managers of the offering. Boenning & Scattergood, Inc.,
Incapital LLC, National Securities Corporation, a wholly owned
subsidiary of National Holdings, Inc. (NASDAQ:NHLD), and USCA
Securities LLC acted as co-managers.
The offering may be made only by means of a
prospectus and related prospectus supplement meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended. A copy of the prospectus supplement and accompanying base
prospectus meeting such requirements relating to this offering may
be obtained from any of the underwriters, including the offices
of:
B. Riley FBR, Inc.Attn:
Syndicate Prospectus Department1300 17th Street N., Suite
1400Arlington, VA 22209Phone: (800) 846-5050Email:
prospectuses@brileyfbr.com |
Janney Montgomery Scott
LLCAttn: Taxable Fixed Income Department1717 Arch Street, 19th
FloorPhiladelphia, Pennsylvania 19103Phone: (215) 665-6130Email:
TFI@janney.com |
|
|
BB&T Capital MarketsAttn: Prospectus Department901 East Byrd
Street, Suite 300Richmond, VA 23219Email:
prospectusrequests@bbandtcm.com |
Ladenburg
Thalmann & Co.Attn: Syndicate Department277 Park Avenue, 26th
FloorNew York, NY 10172Email: prospectus@ladenburg.com |
You may also obtain these documents for free
when they are available by visiting the Securities and Exchange
Commission's (“SEC”) Web site at www.sec.gov.
The shelf registration statement relating to
these securities has previously been filed with the SEC and
declared effective. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
About Spark Energy, Inc.
Spark Energy, Inc. is an established and growing
independent retail energy services company founded in 1999 that
provides residential and commercial customers in competitive
markets across the United States with an alternative choice for
their natural gas and electricity. Headquartered in Houston, Texas,
Spark currently operates in 19 states and serves 94 utility
territories. Spark offers its customers a variety of product and
service choices, including stable and predictable energy costs and
green product alternatives.
Cautionary Note Concerning Forward
Looking Statements
This press release includes forward-looking
statements regarding future events. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of uncertainties and factors, many of
which are outside the control of Spark, and a variety of risks that
could cause results to differ materially from those expected by the
management of Spark. Spark undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions,
the occurrence of unanticipated events or changes to future
operating results over time.
Contact: Spark Energy, Inc.
Investors:
Christian Hettick, 832-200-3727
Media:
Eric Melchor, 281-833-4151
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