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XTO Energy completes stock offering

Natural gas producer XTO Energy Inc. said Monday that it has completed a public stock offering, raising more than $1.2 billion prior to underwriting costs to finance property acquisitions and repay debt.
/ Source: The Associated Press

Natural gas producer XTO Energy Inc. said Monday that it has completed a public stock offering, raising more than $1.2 billion prior to underwriting costs to finance property acquisitions and repay debt.

The offering of 26 million shares was priced at $48 per share.

Proceeds will be used to finance pending property acquisitions and pay down outstanding commercial paper borrowings, the company said previously in a Securities and Exchange Commission filing.

The underwriters exercised their option to purchase an additional 3.9 million shares at $48 each, raising approximately $187 million prior to underwriting costs.

The offering, made under a shelf registration statement and managed by Lehman Brothers, JPMorgan and UBS Investment Bank, increases the company's outstanding common shares to about 553 million.

Shares of XTO Energy fell $1.10, or 2.3 percent, to $46.19 in morning trading.