Proceeds from the secondary offering of Talos common stock will be used to pay its recently announced acquisition of QuarterNorth Energy. (Source: Shutterstock)
Gulf of Mexico E&P Talos Energy is offering 30 million shares of its common stock for total gross proceeds of $351 million as it looks to fund its $1.29 billion acquisition of QuarterNorth Energy Inc.
The upsized offering, announced on Jan. 17, also grants the underwriters of the offering a 30-day option to purchase up to 4.5 million additional shares of common stock. The offering is expected to close on Jan. 22, subject to customary closing conditions.
The company intends to use the net proceeds to fund a portion of the QuarterNorth deal announced on Jan. 15, with proceeds diverting to general corporate purposes if the transaction is not completed.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Mizuho are acting as joint book-running managers and representatives of the underwriters. Citigroup, Morgan Stanley, Capital One Securities Inc., DNB Markets Inc., KeyBanc Capital Markets Inc. and Regions Securities LLC are also acting as joint book-running managers.
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