Continental Resources Inc. - 2011-03-04
Description
Priced a public offering by the company and certain selling shareholders of 10 million shares of its common stock at $68 per share. The offering included 9.17 million shares sold by Continental and 830,000 shares sold by selling shareholders.
Net proceeds of approximately $600.2 million are expected to be used to accelerate Continental's multi-year drilling program by funding its increased 2011 capital budget, and to pay all amounts outstanding under its $750-million revolving credit facility. The company will not receive any proceeds from the sale of the shares by the selling shareholders.
BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers for the offering.