(Adds pricing information in paragraphs one and three. Updates
share price in paragraph two.)
By Tess Stynes
Cobalt International Energy Inc. (CIE) said some selling
shareholders' offering of a combined 50 million shares of the
oil-focused exploration and production company's stock priced at a
6.9% discount to Tuesday' close.
Shares were down 7.3% at $26.68 in recent premarket trading.
Through Tuesday's close, the stock is up 28% in the past 12
months.
The shares priced at $26.80 each.
The selling shareholders are affiliates of First Reserve Corp.,
Goldman Sachs Group Inc. (GS), Riverstone Holdings Ltd. (AP4.SG),
Carlyle Group LP (CG) and KERN Partners Ltd.
As a result of the offer, the Carlyle/Riverstone Funds are
expected to reduce their stake in Cobalt International to 8.5% from
12.14%, according to a filing with the U.S. Securities and Exchange
Commission. The First Reserve Funds stake would drop to 8.9% from
12.74%. Goldman Sach's stake would fall to 8.5% from 12.14% and The
Kern Fund stake would decline to 4.6% from 5.6%.
Cobalt International, which had 411.2 million shares outstanding
as of March 31, won't receive any proceeds from the offer.
Write to Tess Stynes at Tess.Stynes@dowjones.com
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