EnCap to Take Part in $440M Eclipse Private Placement
December 30, 2014
Eclipse Resources (NYSE: ECR) has entered into an agreement to sell 62.5 million shares of common stock for $440 million in a private placement; buyers include EnCap Investments, along with other institutional and accredited investors. The transaction, expected to close on or around January 28, will offer shares at a purchase price of $7.04 each, the company's average closing price in the five days ended December 26. Eclipse Resources is engaged in the acquisition and development of oil and natural gas properties in North America's Appalachian Basin, including the Utica and Marcellus Shales. KeyBanc Capital Markets acted as sole placement agent in connection with the private placement.