Chesapeake Utilities Prices Public Offering Of 3.86 Million Shares At $85.50/shr

(RTTNews) - Chesapeake Utilities Corp. (CPK), an oil and gas company, said on Friday that it has priced an underwritten public offering of 3,859,649 shares at $85.50 per share.

The net proceeds from the offering, expected to be closed on November 14, are projected to be $319.2 million.

The net proceeds will be used to fund, in part, the acquisition of Florida City Gas, which is scheduled to close in the fourth quarter, and to pay related fees and expenses.

As part of the offering, the underwriters have been granted a 30-day option to purchase up to 578,947 additional shares.