Eclipse Resources Prices IPO At $27/Shr, Low End Of Expected Range

(RTTNews) - Eclipse Resources Corp, an independent exploration and production company, announced the pricing of initial public offering of 30.3 million common shares at $27.00 per share, which is at the low end of the expected range of $27.00 and $30.00 per share. The offering is expected to close on June 25, 2014.

The State College, Pennsylvania -based company shares are expected to begin trading on New York Stock Exchange on June 20, under the ticker symbol "ECR."

The company said it is offering 21.5 million common shares and the selling stockholders are offering 8.8 million common shares.

The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 4.545 million shares.

The company, which was founded in 2010, intends to use about $545.2 million net proceeds,after expenses, to repay borrowings under its revolving credit facility and to fund a portion of its capital expenditure plan.

The company said it will not receive any of the proceeds from the sale of shares by the selling stockholders.

Citigroup Global Markets Inc., Goldman, Sachs & Co., and Morgan Stanley & Co. LLC are acting as joint lead book-running managers for the offering.