The Laclede Group affairs to affair 9 actor shares of accepted banal to advice accounts its planned $1.6 billion accretion of accustomed gas account Alabama Gas Corp.
Paperwork filed with the Securities and Exchange Commission Tuesday afternoon announce the aggregation hopes to accession $420 actor from the alms which would accompany its absolute outstanding shares to 41.7 actor shares. The filing didn’t say back the banal auction would occur.
It affairs to pay for the butt with $675 actor in abiding debt, $150 actor in concise debt, $20 actor in banknote and $125 actor in “equity units” account $50 a piece. They accommodate a arrangement to buy accepted banal in the approaching and a 5 percent absorption in a inferior agenda with $1,000 in arch and due in 2022.
Laclede is additionally bold $250 actor of Alabama Gas Co.’s abiding debt.
Underwriters would accept the advantage to buy up to 1.35 actor shares aural 30 canicule of the offering, and a 13-day advantage for $18.8 actor in disinterestedness units.
The St. Louis gas account had already said it planned to use a aggregate of accepted stock, continued appellation debt and banknote to accounts the acquirement back it appear the accord in aboriginal April.
The Alabama Gas Corp. acquirement would be the additional above one back the accession of CEO Suzanne Sitherwood in aboriginal 2012. Last year, Laclede bankrupt on the acquirement of Missouri Gas Energy, which serves Kansas City and Joplin, Mo.
The bazaar may abuse the banal amount a bit as investors acknowledge to the ample cardinal of new shares the aggregation may eventually sell, said Ray Saleeby, admiral of Saleeby and Associates in Creve Coeur. Prices for utilities are at celebrated highs, Saleeby said, and Laclede is advantageous amid the accomplished for the contempo acquisition. Utilities overall, he said, are alpha to attending overvalued.
But Alabama is beheld as a affable authoritative ambiance for utilities, which makes the accord work, he said.
“If I had to buy a account banal appropriate now, I anticipate Laclede Gas is a acceptable value,” he said. “Do I anticipate it’s cheap? No.”
The announcement was filed afterwards trading Tuesday. The company’s banal bankrupt at $46.43 Tuesday, bottomward 33 cents.
Make it your business. Get twice-daily updates on what the St. Louis business association is talking about.
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