logo
Share SHARE
FONT-SIZE Plus   Neg

Piedmont Natural Gas Announces Stock Offering

Piedmont Natural Gas Co. Inc. (PNY: Quote) said Monday that it plans to offer about 4 million shares of its common stock in a registered underwritten public offering.

Of the about 4 million shares of Piedmont common stock being offered, the company expects to sell about 3 million shares to the underwriters in the offering, and the forward counterparty expects to borrow and sell to such underwriters about 1 million shares in connection with a forward sale agreement.

In connection with the offering, Piedmont plans to enter into a forward sale agreement with Morgan Stanley, pursuant to which Piedmont will agree to sell to the forward counterparty about 1 million shares of Piedmont's common stock, at a price per share equal to the public offering price of Piedmont's shares of common stock in the offering, less the underwriting discounts and commissions and subject to certain adjustments.

Piedmont also plans to grant to the underwriters an option to purchase up to 600,000 additional shares of its common stock either directly from Piedmont or from the forward counterparty.

Piedmont said it plans to use any net proceeds that it receives from the offering and any proceeds that it receives upon settlement of the forward sale agreement to finance capital expenditures, repay outstanding short-term, unsecured notes under its commercial paper program and for other general corporate purposes.

Morgan Stanley, J.P. Morgan and Wells Fargo Securities are the joint book-running managers for the offering. The co-managers are BB&T Capital Markets and RBC Capital Markets.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Online retail giant Amazon.com Inc. (AMZN) is reportedly in talks to buy luxury online fashion retailer Net-a-Porter. The news of acquisition was first reported by Women's Wear Daily, which said the deal would be completed for about 2 billion euros, indicating the biggest acquisition yet by Amazon.... Tim Cook, the CEO of tech giant Apple Inc., in an interview said he intends to give away all his wealth to charity. Cook, in an interview to Fortune, said he plans to donate all his wealth to philanthropic projects after paying for his 10-year old nephew's college education. According to Fortune,... Is it a 'personal life crisis' that led the Germanwings' co-pilot Andreas Lubitz to deliberately lowering the plane carrying 149 people to French Alps mountain? Police is investigating to find evidences to prove this suggestion.
comments powered by Disqus
RELATED NEWS
Trade PNY now with 
Follow RTT