HOUSTON, March 08, 2017 (GLOBE NEWSWIRE) — Spark Energy, Inc. (Nasdaq:SPKE) (“Spark”) today announced that it has commenced a public offering of Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”) pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (the “SEC”).
Spark will grant the underwriters a 30-day option to purchase additional Series A Preferred Stock. It is anticipated that the preferred rate will be fixed for 5 years from the date of original issuance of the Series A Preferred Stock and thereafter will be adjusted on a quarterly basis based on a spread to three-month LIBOR.
Spark intends to use the net proceeds of this offering for general corporate purposes, which may include, among other things, funding working capital, capital expenditures, liquidity for operational contingencies, debt repayments and acquisitions. Pending these uses, the net proceeds may be temporarily invested in short- and medium-term securities. RBC Capital Markets, LLC and FBR Capital Markets & Co. will act as joint book-running managers of the offering. Janney Montgomery Scott LLC and Wunderlich Securities, Inc. will act as senior co-managers. BB&T Capital Markets, a division of BB&T Securities, LLC, Ladenburg Thalmann & Co. Inc., National Securities Corporation and USCA Securities LLC will act as co-managers.
The offering may be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. A copy of the preliminary prospectus supplement and accompanying base prospectus meeting such requirements relating to this offering may be obtained from any of the underwriters, including the offices of:
