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Stone Energy Prices Private Offering Of $275 Mln Of Convertible Notes

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Stone Energy Corp. (SGY: Quote) has priced its private offering of $275 million aggregate principal amount of Convertible Notes due 2017. The private offering was upsized from the earlier announced $250 million aggregate principal amount of Convertible Notes.

The company has granted an over-allotment option to the initial purchasers for up to an additional $25 million aggregate principal amount of Convertible Notes, while the Convertible Notes would pay interest semiannually at a rate of 1.75% and would be convertible into cash, shares of the company or a combination of cash and common shares of the company, at the cmpany's election, based on the applicable conversion rate at such time.

The Convertible Notes would mature on March 1, 2017, unless repurchased or converted in accordance with their terms prior to such date. Stone Energy may close the offering on or about March 6, 2012.

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by RTT Staff Writer

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After moving sharply lower in early trading on Wednesday, stocks have seen continued weakness over the course of the trading session. Will the pullback, the major averages are adding to the modest losses posted in the two previous sessions. With spending on private and public construction both showing notable decreases, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. construction spending in the month of August. Growth in U.S. manufacturing activity saw a notable slowdown in the month of September, according to a report released by the Institute for Supply Management on Wednesday, with the index of activity in the sector pulling back off a three-year high.
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