Forest Oil Announces Pricing of Common Stock Offering
Forest Oil
Forest Oil Corporation has priced a public offering of 4.58 million shares of common stock at a price to the public of $24.40 per share. All shares are being sold by Forest.
Forest expects the issuance and delivery of the shares to occur on June 2, 2004. Forest also has granted the underwriters a 30-day option to purchase up to 450,000 additional shares of its common stock solely to cover over-allotments, if any.
Net proceeds from the offering will be approximately $106.9 million (before the exercise of the over-allotment option), after deducting underwriting discounts and commissions and the estimated expenses of the offering. Forest intends to use to the net proceeds from the offering to partially fund its recently announced tender offer to purchase The Wiser Oil Company (Wiser) (NYSE:WZR) or, if the Wiser acquisition is not completed, to reduce borrowings under Forest's credit facility.
The offering was led by Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. as joint book-runners and co-lead managers and Credit Suisse First Boston as a co-lead manager. Others in the underwriting group included: Raymond James & Associates, Inc., First Albany Capital Inc., Howard Weil, a division of Legg Mason Wood Walker, Inc., and Johnson Rice & Company LLC. A prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission. When available, copies of the prospectus supplement relating to the offering may be obtained from the offices of Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York, 11220, telephone: 718-765-6732 or the offices of J.P. Morgan Securities Inc., Chase Distribution & Support Service, 1 Chase Manhattan Plaza, Floor 5B, New York, NY 10081 (copies can also be obtained by e-mail at: Addressing Services@jpmchase.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 in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of a prospectus and related prospectus supplement.
This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares of The Wiser Oil Company. At the time the subsidiary of Forest Oil commences its offer, it will file a Tender Offer Statement with the Securities and Exchange Commission (the "SEC") and will file a Solicitation/Recommendation Statement with respect to the offer. THE TENDER OFFER WILL BE MADE SOLELY BY THE TENDER OFFER STATEMENT. THE TENDER OFFER STATEMENT (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND ALL OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION AND SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE OFFER.
The Offer to Purchase, the related Letter of Transmittal and certain other offer documents, as well as the Solicitation/Recommendation Statement will be made available to all stockholders of The Wiser Oil Company, at no expense to them. The Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and all other offer documents filed by Forest with the SEC) and the Solicitation/Recommendation Statement will also be available for free at the SEC's website at http://www.sec.gov. Investors and security holders are strongly advised to read both the Tender Offer Statement and the Solicitation/Recommendation Statement regarding the tender offer referred to in this press release when they become available because they will contain important information.
Forest expects the issuance and delivery of the shares to occur on June 2, 2004. Forest also has granted the underwriters a 30-day option to purchase up to 450,000 additional shares of its common stock solely to cover over-allotments, if any.
Net proceeds from the offering will be approximately $106.9 million (before the exercise of the over-allotment option), after deducting underwriting discounts and commissions and the estimated expenses of the offering. Forest intends to use to the net proceeds from the offering to partially fund its recently announced tender offer to purchase The Wiser Oil Company (Wiser) (NYSE:WZR) or, if the Wiser acquisition is not completed, to reduce borrowings under Forest's credit facility.
The offering was led by Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. as joint book-runners and co-lead managers and Credit Suisse First Boston as a co-lead manager. Others in the underwriting group included: Raymond James & Associates, Inc., First Albany Capital Inc., Howard Weil, a division of Legg Mason Wood Walker, Inc., and Johnson Rice & Company LLC. A prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission. When available, copies of the prospectus supplement relating to the offering may be obtained from the offices of Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York, 11220, telephone: 718-765-6732 or the offices of J.P. Morgan Securities Inc., Chase Distribution & Support Service, 1 Chase Manhattan Plaza, Floor 5B, New York, NY 10081 (copies can also be obtained by e-mail at: Addressing Services@jpmchase.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 in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of a prospectus and related prospectus supplement.
This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares of The Wiser Oil Company. At the time the subsidiary of Forest Oil commences its offer, it will file a Tender Offer Statement with the Securities and Exchange Commission (the "SEC") and will file a Solicitation/Recommendation Statement with respect to the offer. THE TENDER OFFER WILL BE MADE SOLELY BY THE TENDER OFFER STATEMENT. THE TENDER OFFER STATEMENT (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND ALL OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION AND SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE OFFER.
The Offer to Purchase, the related Letter of Transmittal and certain other offer documents, as well as the Solicitation/Recommendation Statement will be made available to all stockholders of The Wiser Oil Company, at no expense to them. The Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and all other offer documents filed by Forest with the SEC) and the Solicitation/Recommendation Statement will also be available for free at the SEC's website at http://www.sec.gov. Investors and security holders are strongly advised to read both the Tender Offer Statement and the Solicitation/Recommendation Statement regarding the tender offer referred to in this press release when they become available because they will contain important information.
RELATED COMPANIES
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea