Eclipse Resources Announces Closure Of IPO

(RTTNews) - Oil and gas company Eclipse Resources Corp (ECR) Wednesday announced the completion of its initial public offering of 30.3 million common shares at a price to the public of $27.00 per share.

Eclipse, based in State College, Pennsylvania, said it sold 21.5 million of its shares in the offering and the selling stockholders sold 8.8 million shares.

The net proceeds received by the company from the sale of its 21.5 million shares were about $545.2 million. The company intends to use the proceeds to repay debt and to fund a portion of its capital expenditure plan. The company will not receive any proceeds from the sale of shares by the selling stockholders.