Petrohawk Prices Common Stock Offering
Petrohawk Energy Corporation has priced its public offering of 25 million shares of common stock. The Company has granted the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of common stock. The shares were offered to the public at $26.53. The offering is expected to settle and close on August 15, 2008, subject to customary closing conditions.
Net proceeds from the offering will be used to repay the outstanding borrowings under Petrohawk's senior revolving credit facility, fund pending and additional leasehold acquisitions, fund a portion of its increased capital budget for the year ending December 31, 2008 and for general corporate purposes.
Lehman Brothers and Merrill Lynch & Co. are serving as joint book-running managers in the offering.