The Laclede Group (LG) said Monday it plans to commence a registered underwritten public offering of up to 8.7 million shares of its common stock. In addition, the company expects to grant the underwriters an option for a period of 30 days to purchase up to about 1.30 million additional shares of its common stock.
The company intends to use the net proceeds from the offering to fund a portion of the cash consideration payable in connection with the pending acquisition of Missouri Gas Energy, a division of Southern Union and for general corporate purposes.
Wells Fargo Securities, BofA Merrill Lynch, J.P. Morgan and Morgan Stanley are acting as book-running managers of the offering.
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