Natural gas company Copano Energy to sell 6.3 million units to reduce debt
By APTuesday, March 2, 2010
Copano Energy to sell 6.3M units to pay off debt
HOUSTON — Natural gas company Copano Energy said Wednesday that it plans to sell 6.3 million units with the proceeds being used to repay debt.
Underwriters have been granted a 30-day option to buy up to 945,000 additional units.
The natural gas pipeline and storage company said it expects to use the increased borrowing capacity as needed for capital projects, acquisitions and other costs.
The announcement, made after the stock market closed, drove down share prices by $1.27, or 5.3 percent, to $22.91 in after-hours trading. The stock had risen 3 cents to $24.18 during the regular session.
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