Mariner Energy Prices Public Offerings of Common Stock and Senior Notes
June 04 2009 - 11:28PM
PR Newswire (US)
HOUSTON, June 4 /PRNewswire-FirstCall/ -- Mariner Energy, Inc.
(NYSE:ME) today announced that it has priced its underwritten
public offerings of common stock and senior notes. Mariner has
agreed to sell 10 million shares of common stock at a public
offering price of $14.50 per share. The company granted the
underwriters a 30-day option to purchase an additional 1.5 million
shares of its common stock to cover over-allotments. Mariner
estimates that its net proceeds from the sale of common stock,
after deducting estimated underwriting discounts and commissions
and offering expenses, will be $138.3 million, assuming the
underwriters' over-allotment option is not exercised. Mariner also
has agreed to sell $300 million in aggregate principal amount of
its 11.75% senior notes due 2016 concurrently with the sale of
common stock, an increase of $50 million from the amount previously
announced. The notes are expected to be sold at 97.093% of
principal amount, for a yield to maturity of 12.375%. The notes
will pay interest semi-annually in arrears and will mature on June
30, 2016, unless earlier repurchased. Mariner estimates that its
net proceeds from the sale of notes, after deducting estimated
underwriting discounts and commissions and offering expenses, will
be $284.8 million. Mariner expects to use net proceeds from the
sales of common stock and senior notes to repay debt under its
secured bank credit facility. Closing of the sales is expected on
June 10, 2009, subject to customary closing conditions. The
offerings are being made pursuant to an effective shelf
registration statement filed with the U.S. Securities &
Exchange Commission (SEC). For each offering, a prospectus
supplement and accompanying prospectus describing the terms of the
offering will be filed with the SEC and available on its website at
http://www.sec.gov/. Neither of the offerings is contingent upon
consummation of the other offering. Credit Suisse Securities (USA)
LLC, J.P. Morgan Securities Inc., and Merrill Lynch, Pierce, Fenner
& Smith Incorporated are acting as joint book-running managers
for the common stock offering. Copies of the prospectus supplement
and the accompanying prospectus may be obtained by contacting
Credit Suisse Securities (USA) LLC, Prospectus Department, One
Madison Avenue, New York, NY 10010 or by calling 800-221-1037; J.P.
Morgan Securities Inc., 4 Chase Metrotech Center, CS Level,
Brooklyn, NY 11245, Attn: Chase Distribution and Support Service,
Northeast Statement Processing, or by calling 718-242-8002, or by
faxing to 718-242-8003; or Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Attn: Prospectus Department, 4 World Financial
Center, New York, NY 10080, or by calling 212-449-1000. Credit
Suisse Securities (USA) LLC, Bank of America Securities LLC, J.P.
Morgan Securities Inc., Wachovia Capital Markets, LLC and Citigroup
Global Markets Inc. are acting as joint book-running managers for
the senior notes offering. Copies of the prospectus supplement and
the accompanying prospectus may be obtained by contacting Credit
Suisse Securities (USA) LLC, Prospectus Department, One Madison
Avenue, New York, NY 10010 or by calling 800-221-1037; Bank of
America Securities LLC, Prospectus Department, 100 West 33rd
Street, 3rd Floor, New York, NY 10001; J.P. Morgan Securities Inc.,
ADP IDS, 1155 Long Island Avenue, Edgewood, NY 11717, Attn:
Post-Sale Fulfillment, or by calling 212-834-4533; Wachovia Capital
Markets, LLC at 301 South College Street, 6th Floor, Charlotte, NC
28202, Attn: High Yield Syndicate; or Citigroup Global Markets
Inc., Attn: Prospectus Department, Brooklyn Army Terminal, 140 58th
Street, 8th Floor, Brooklyn, NY 11220, or by calling 800-831-9146
or by emailing to . This news release is neither an offer to sell
nor a solicitation of an offer to buy any securities of Mariner and
shall not constitute an offer, solicitation, or sale in any
jurisdiction in which such an offer, solicitation, or sale would be
unlawful. About Mariner Energy, Inc. Mariner Energy is an
independent oil and gas exploration, development, and production
company headquartered in Houston, Texas, with principal operations
in the Permian Basin and the Gulf of Mexico. Forward-looking
statements This press release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, that address activities
that Mariner assumes, plans, expects, believes, projects, estimates
or anticipates (and other similar expressions) will, should or may
occur in the future are forward-looking statements. Our
forward-looking statements generally are accompanied by words such
as "may", "will", "estimate", "project", "predict", "believe",
"expect", "anticipate", "potential", "plan", "goal", or other words
that convey the uncertainty of future events or outcomes.
Forward-looking statements provided in this press release relate
to, among other things, the offering of Mariner common stock and
senior notes, the expected maturity date of the notes and use of
proceeds from both proposed offerings. These forward-looking
statements are based on Mariner's current belief based on currently
available information as to the outcome and timing of future events
and assumptions that Mariner believes are reasonable. Mariner does
not undertake to update its guidance, estimates or other
forward-looking statements as conditions change or as additional
information becomes available. Mariner cautions that its
forward-looking statements are subject to all of the risks and
uncertainties normally incident to the exploration for and
development, production and sale of oil and natural gas. These
risks include, but are not limited to, price volatility or
inflation, environmental risks, drilling and other operating risks,
regulatory changes, the uncertainty inherent in estimating future
oil and gas production or reserves, and other risks described in
the Annual Report on Form 10-K for the fiscal year ended December
31, 2008, as amended, and other documents filed by Mariner with the
SEC. Any of these factors could cause Mariner's actual results and
plans of Mariner to differ materially from those in the
forward-looking statements. Investors are urged to read the Annual
Report on Form 10-K for the year ended December 31, 2008, as
amended, and other documents filed by Mariner with the SEC.
DATASOURCE: Mariner Energy, Inc. CONTACT: Patrick Cassidy of
Mariner Energy, Inc., +1-713-954-5558, Web Site:
http://www.mariner-energy.com/
Copyright
Mariner Energy Inc. (NYSE:ME)
Historical Stock Chart
From Sep 2024 to Oct 2024
Mariner Energy Inc. (NYSE:ME)
Historical Stock Chart
From Oct 2023 to Oct 2024