Midstream- and downstream infrastructure-focused CorEnergy Infrastructure Trust Inc. priced a public offering of common shares and a public offering of convertible notes, the company said June 24.
CorEnergy offered 11.25 million common shares priced at $6 each for $67.5 million in proceeds. Underwriters were given a monthlong option to purchase about 1.7 million additional . The offer is scheduled to close June 29.
CorEnergy also priced unsecured convertible senior notes at $100 million. The coupon rate is 7% and the initial conversion price is $6.60. Underwriters were given a monthlong option to purchase $15 million additional notes. This offer is also scheduled to close June 29.
Net proceeds from both offerings will help finance the the $245 million Grand Isle Gathering System from Energy XXI Ltd.
BofA Merrill Lynch and Wells Fargo Securities LLC are joint book-running managers for both offerings. Stifel Nicolaus & Co. Inc. isjoint lead manager for the notes offering. Stifel and Ladenburg Thalmann & Co. Inc. are co-managers for the share offering.
CorEnergy Infrastructure Trust Inc. is based in Kansas City, Mo.
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