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October 23
1888 - 8:15 a.m.: Newhall's luxurious Southern Hotel burns to the ground [story]


Berry Petroleum Corp., owner of the Placerita oil field west of Sierra Highway between Placerita Canyon Road and Golden Valley Road in Santa Clarita – and many other oil properties in the San Joaquin Valley – announced Monday that it has launched an initial public offering of its common stock pursuant to a registration statement on Form S-1 (the “Registration Statement”) previously filed with the Securities and Exchange Commission (the “SEC”).

The offering consists of 12,198,013 shares of common stock being offered by Berry and 6,551,987 shares of common stock being offered by the selling stockholders named in the Registration Statement. Berry intends to use a portion of the proceeds it receives from the offering to purchase an aggregate of up to 4,198,013 shares of its common stock owned by funds affiliated with Benefit Street Partners and Oaktree Capital Management. After giving effect to this offering and the share repurchase, the number of shares of common stock outstanding will increase by 8,000,000.

In addition, Berry and the selling stockholders named in the Registration Statement intend to grant the underwriters a 30-day option to purchase up to an additional 1,770,030 shares and 1,042,470 shares of common stock, respectively, at the initial public offering price, less underwriting discounts and commissions. Berry intends to use a portion of the proceeds it receives from any sale of additional shares pursuant to the underwriters’ option to purchase up to an additional 570,030 shares of its common stock owned by funds affiliated with Benefit Street Partners. Assuming the underwriters exercise their option in full, the number of shares outstanding after such option exercise and additional share repurchase will increase by 1,200,000.

The current expected initial offering price is between $15.00 and $17.00 per share. The shares are expected to trade on the Nasdaq Global Select Market under the ticker symbol “BRY”.

Goldman Sachs & Co. LLC, Wells Fargo Securities and BMO Capital Markets are acting as lead book-running managers for the offering. Additional book-running managers are Evercore ISI and UBS Investment Bank. KeyBanc Capital Markets, Capital One Securities, Johnson Rice & Company L.L.C., Simmons & Company International, Energy Specialists of Piper JaffrayTudor, Pickering, Holt & Co., ABN AMRO, ING, BOK Financial Securities, Inc. and Citizens Capital Markets are acting as co-managers for the offering. The offering of these securities will be made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933.

 

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2 Comments

  1. Denny NNWofLA says:

    Do buyers also accept responsibility for contaminating our aquifers from fracking?
    Also two earthquake faults are nearby.
    A bad deal all around. Shut this down.

  2. Charlotte Lukezich says:

    Hey. Wanna buy some?

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