Cabot Oil & Gas Corporation announced that it intends to publicly offer 3,600,000 shares of its common stock. Proceeds of the offering are expected to partially fund the purchase price of the recently announced property acquisition in East Texas.
This offering is intended to be marketed primarily to index funds that are expected to have a need to purchase Cabot Oil & Gas common stock when it is added to the S&P 500 Index at the close of trading. The offering will also be marketed to other investors, including non-index active investors.
The offering will be made pursuant to a shelf registration statement filed by the Company with the Securities and Exchange Commission, which became automatically effective. The Company also expects to grant the underwriters an over-allotment option to purchase up to 540,000 additional shares of common stock.
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