Rex Energy Corp. (NASDAQ: REXX) announced Friday that it priced a public offering of 6 million shares of its common stock at $12.25 per share, according to Associated Press.
The oil and gas company plans to use the offering's approximately $69.7 million in net proceeds to fund capital expenditures this year. It also plans to use part of the proceeds to pay back outstanding debt under its senior credit agreement and it will invest the rest in short-term, investment grade securities.
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Rex Energy gave the underwriters a 30-day option to buy up to an additional 900,000 shares to cover any overallotments.
The offering is expected to close on Jan. 21.
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