Mariner Energy, Inc. (NYSE: ME - News) today announced that it intends to offer, subject to market and other conditions, 10 million shares of its common stock and $250 million in aggregate principal amount of its senior notes due 2016 through concurrent underwritten public offerings. Mariner expects to grant the underwriters a 30-day option, solely to cover over-allotments, to purchase up to an additional 1.5 million shares of its common stock. Net proceeds from the offerings are expected to be used to repay debt under Mariner's secured bank credit facility and for general corporate purposes. Mariner cannot provide assurance regarding the amount of senior notes to be issued, if any, until the senior notes offering has been completed.
The offerings are being made pursuant to an effective shelf registration statement filed with the U.S. Securities & Exchange Commission (SEC). For each offering, a prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC and available on its website at http://www.sec.gov. Neither of the offerings is contingent upon consummation of the other offering.
Credit Suisse, J.P. Morgan, and Merrill Lynch & Co. are acting as joint book-running managers for the common stock offering.
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