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Midstates Petroleum Prices IPO Below Range

4/19/2012 8:20 PM ET

Midstates Petroleum Co. Inc. said Thursday that it has priced its initial public offering of 24 million shares at $13 per share, which is below its previously estimated range of $16 to $18 per share.

The shares are expected to begin trading on the New York Stock Exchange on April 20 under the ticker symbol "MPO."

The company is selling 18 million shares of its common stock and the selling shareholders are selling 6 million shares of the company's common stock.

In addition, the selling shareholders have granted the underwriters for the offering a 30-day option to purchase up to an additional 3.6 million shares at the same price per share.

The offering is expected to close on April 25.

Midstates plans to use the net proceeds from the offering to redeem preferred units that were previously issued by an affiliate of the company and to repay a substantial portion of its outstanding indebtedness under the Company's revolving credit facility.

Midstates Petroleum is an independent exploration and production company headquartered in Houston, Texas. It is owned by funds affiliated with global investment firm First Reserve Corp.

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by RTT Staff Writer

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