DENVER, March 07, 2016 (GLOBE NEWSWIRE) -- PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq:PDCE) today announced that it has priced and upsized a public offering from 4,000,000 to 5,150,000 shares of its common stock for total gross proceeds (before underwriters’ compensation and estimated expenses) of approximately $262.7 million. BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers for the offering and have offered the shares at prevailing market prices or otherwise from time to time through the NASDAQ Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise. The Company has granted the underwriters an option for 30 days to purchase up to an additional 772,500 shares of the Company’s common stock to cover over-allotments, if any. The net proceeds from this offering will be used to repay the principal amounts owed upon the maturity of the Company’s 3.25% convertible senior notes due in May 2016 and for general corporate purposes, which may include repaying amounts borrowed under the Company’s revolving credit facility. The offering is expected to close on or around March 11, 2016.
The offering is being made pursuant to an effective shelf registration statement. The offering may be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by sending a request to: BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attn: Prospectus Department, email: firstname.lastname@example.org; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: email@example.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About PDC Energy, Inc.
PDC Energy, Inc. is a domestic independent exploration and production company that produces, develops, acquires and explores for crude oil, natural gas and NGLs with operations in the Wattenberg Field in Colorado and in the Utica Shale in southeastern Ohio. Its operations are focused on the liquid-rich horizontal Niobrara and Codell plays in the Wattenberg Field and the condensate and wet gas portion of the Utica Shale play.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this news release related to the Company’s planned public offering of common stock, and all other statements other than statements of historical fact, are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. PDC urges you to carefully review and consider the cautionary statements made in this press release, the registration statement, the Item 1-A Risk Factors in the 2015 Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (“SEC”) on February 22, 2016, and other filings with the SEC for further information on risks and uncertainties that could affect the Company’s business, financial condition and results of operations, which are incorporated by this reference as though fully set forth herein. The Company cautions you not to place undue reliance on forward-looking statements, which speak only as of the date made. PDC undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward looking statements are qualified in their entirety by this cautionary statement.