Friday, Rex Energy Corp. (REXX) said it has priced an underwritten public offering of 6.0 million shares of common stock at a public offering price of $12.25 per share. The offering is expected to close on January 21, 2010. Rex Energy said it has granted the underwriters a 30-day option to purchase up to 900,000 additional shares to satisfy any over-allotments.
The net proceeds to Rex Energy from the offering will be around $69.7 million, after deducting underwriting discounts, commissions and estimated offering expenses. Rex Energy intends to use the net proceeds of the offering to fund a portion of its capital expenditure program for 2010 and for other general corporate purposes.
Pending these uses, Rex Energy plans to use a portion of the net proceeds to fully repay outstanding borrowings under its senior credit facility, which as of December 31, 2009 totaled $23.0 million, and invest the remainder in short-term, investment grade, interest-bearing securities.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.