Jones Energy, an oil and gas company, announced that it has filed plans with the U.S. Securities and Exchange Commission for an initial public offering of up to $250 million in stock. The company did not specify the number of shares to be sold and the price range for the proposed offering.
The Austin, Texas-based company expects to list its shares on the New York Stock Exchange under the symbol JONE.
Jones Energy intends to contribute offering proceeds to JEH LLC in exchange for JEH LLC Units. JEH LLC plans to use net proceeds to repay outstanding borrowings under its senior secured revolving credit facility.
J.P. Morgan Securities LLC, Barclays Capital Inc. and Wells Fargo Securities, LLC are acting as book-running managers of the offering and as representatives of the underwriters.
The oil and gas producer engaged in the development, production and acquisition of oil and natural gas properties in Texas and Oklahoma. Its predecessor company was founded in 1988 by Jonny Jones, its chief executive.
For the quarter ended March 31, Jones Energy posted a loss of $1.2 million, compared with a profit of $15.4 million in the year-ago period. Revenue grew to $55.48 million from the prior year's $42.8 million.
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