Gas utility Spire drops on $112 mln equity offering
14/06/2023 18:43
** Spire Inc's SR.N shares down 2.4% at $64.54 after
follow-on prices
** St. Louis, Missouri-based gas utility announced ~1.7 mln
shares at $64.20 for $112 mln raise
** Offering price represents 2.9% discount to stock's last
sale on Tues
** Spire entered into forward sale agreement with bookrunner
Morgan Stanley
** Co has ~52.6 mln shares outstanding
** Last month, Spire said it would acquire MoGas and Omega
pipeline systems from CorEnergy Infrastructure Trust CORR.N
for $175 mln in deal expected to close in the Sept-qtr
** With move on the session, SR down ~6% YTD
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))