IDACORP Prices Public Offering Of 2.8 Mln Shares

(RTTNews) - IDACORP, Inc. (IDA), a utility company, on Wednesday announced pricing of public offering of 2,801,724 common shares at $92.80 per share. All shares are expected to be borrowed by the forward counterparty and sold to the underwriters. Underwriters of the offering will be granted an option to purchase up to an additional 420,258 common shares of the company at the public offering price.

Wells Fargo Securities and Morgan Stanley are serving as the joint lead book-runners for the offering and are the representatives of the underwriters.

IDACORP has also entered into a forward sale agreement with Morgan Stanley, serving as the forward counterparty, where the company has agreed to sell 2,801,724 common shares at an initial forward sale price per share equal to the price per share at which the underwriters purchase the shares in the offering.

Settlement is expected to occur no later than 12 months following the offering completion.

Initially, the electric utility company will not receive any proceeds from the sale of its common stock by the forward counterparty, but if the firm selects physical settlement, then the net proceeds will be used for general corporate purposes including capital expenditures.

The offering is expected to close on November 10.

On Tuesday, IDACORP shares closed at $96.68 down 1.56% on New York Stock exchange.