Market Commentary and Intraday News
Laredo stockholders to sell 12.5 million shares
223 days ago
(AP:TULSA, Okla.) Laredo Petroleum Holdings Inc. said Monday that stockholders are selling 12.5 million shares in the company _ about 10 percent of the total outstanding shares _ through a secondary public offering.
The shares are being sold by affiliates of stockholder Warburg Pincus LLC. The shareholders are giving underwriters a 30-day option to buy nearly 1.9 million more shares.
Laredo Petroleum is not selling any shares and all proceeds will go to the selling stockholders. day
J.P. Morgan, Goldman, Sachs & Co., BofA Merrill Lynch and Wells Fargo Securities are acting as joint bookrunners for the offering. BMO Capital Markets, Capital One Southcoast, Scotiabank / Howard Weil and Societe Generale are acting as senior co-managers for the offering, and BB&T Capital Markets, BOSC, Inc., Comerica Securities and Mitsubishi UFJ Securities are acting as co-managers for the offering.
Laredo Petroleum is an oil and natural gas company based in Tulsa, Okla. The company has an estimated 128.2million shares outstanding, according to data provider FactSet.
Shares of the company fell 59 cents, nearly 3 percent, to $21 in after-hours trading. The stock closed regular trading down 12 cents at $21.59 Monday.
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