MDU Resources Prices Public Offering Of 10.15 Mln Shares At $19.70/shr

MDU Resources Group

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(RTTNews) - MDU Resources Group, Inc. (MDU) announced that it has priced an underwritten public offering of 10.15 million shares of its common stock at a public offering price of $19.70 per share.

Subject to certain conditions, all shares are expected to be borrowed by the forward sellers, Wells Fargo Securities, BofA Securities, and J.P. Morgan, from third parties and sold to the underwriters in the offering in connection with the forward sale agreements.

In conjunction with the offering, MDU Resources has granted the underwriters an option to purchase up to 1.52 million additional shares of its common stock. If such option is exercised, MDU Resources may, in its sole discretion, enter into additional forward sale agreements with the forward purchasers with respect to such additional shares.

In addition, MDU Resources entered into separate forward sale agreements with each of Wells Fargo Bank, National Association, Bank of America, N.A., and JPMorgan Chase Bank, National Association, New York Branch, referred to in such capacity as the forward purchasers, pursuant to which MDU Resources agreed to sell to the forward purchasers or their respective affiliates 10.15 million shares of common stock at an initial forward sale price per share equal to the price per share at which the underwriters purchase the shares in the offering.