By Kelly Cloonan
Shares of Excelerate Energy fell after the company filed an upsized public offering worth $184 million.
The stock declined 7% to $26.81 on Tuesday. Shares have gained 69% over the past 12 months.
The Woodlands, Texas-based energy company said Tuesday it plans to offer 6.96 million shares at $26.50 each for a total of about $184.3 million, up from its previously-announced $150 million offering.
The company said it expects the offering to close April 2, and will grant the underwriters a 30-day option to purchase up to $27.7 million of additional shares at the public offering price, less the underwriting discounts and commissions.
The company said it intends to use the proceeds, cash on hand and around $650 million in senior indebtedness to fund its pending $1.06 billion acquisition of New Fortress Energy's business in Jamaica.
The acquisition, announced last week, will expand Excelerate Energy's presence in the Atlantic basin's natural gas market, the company said at the time.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
April 01, 2025 10:58 ET (14:58 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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