Laclede Group Prices Public Offering Of 9 Mln Shares At $46.25 Per Share

(RTTNews) - The Laclede Group, Inc. (LG), a public utility holding company, said it has priced a public offering of 9 million shares of its common stock at $46.25 per share.

In addition, the company has priced a public offering of 2.5 million equity units or $125 million in equity units.

Each equity unit will be issued in $50 and will consist of a contract to purchase the company's common stock in the future and a 1/20, or 5 percent, undivided beneficial ownership interest in a 2014 Series A 2.00 percent remarketable junior subordinated note due 2022 having a principal amount of $1,000.

The company has granted the underwriters a 30-day option to purchase up to 1.35 million additional shares of the company's common stock and a 13-day option to purchase up to 375,000 additional equity units.

The offerings are expected to close on or about June 11.

Total annual distribution on the equity units will be at the rate of 6.75 percent, consisting of interest on the remarketable junior subordinated notes and payments under the purchase contracts. The reference price for the equity units is $46.25 per share.