Oil and gas exploration company Kosmos Energy Ltd (NYSE: KOS) rallied a solid 9% moving into mid-market Friday trading. The Texas-based company has just announced the pricing of its underwritten public offering of 37,500,000 shares of common stock.
Brimming with future potential, the exploration company’s stock price has just tipped over the annual high of $3.78, with the market reacting well to the public offering.
Shares will be listed at a price of $3.30 per share, and a total of 37,500,000 underwritten. The Kosmos news release also stated that underwriters will be provided with a 30-day option to buy up a further 5,625,000 shares of common stock at the given price minus underwriting discounts.
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The public offering will be overseen and managed by Barclays, BofA Securities, and Jefferies, with the offering expected to be complete in just a few days’ time – should everything go as planned.
Kosmos have stated the funds will be used to free up financial constraints:
“The proceeds will be used to repay outstanding borrowings under its commercial debt facility, including borrowings incurred to finance a portion of the previously announced acquisition of Anadarko WCTP Company”
The Kosmos Energy stock price is slowly losing momentum as the day moves forward, sitting on gains of just nearly 6% – at a price of $3.76
Should You Invest in Kosmos Energy Shares?
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