Anadarko Petroleum Corporation (NYSE: APC) has announced that it will be raising cash via a public secondary of its common stock. The exploration and production company in the oil and gas sector is selling some 30 million common shares.
Net proceeds from the offering are expected to be used for general corporate purposes, including future capital expenditures.
UBS and Barclays are acting as joint book-running managers for the offering, and these underwriters have been granted a 30-day overallotment option to purchase up to 4.5 million additional shares.
Anadarko shares closed down 6% at $48.84 in regular trading, and the reaction in the after-hours session has shares down another 5.5% at $46.13. The 52-week trading range is $24.57 to $81.36.
JON C. OGG
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