Sep 14, 2023

SilverBow Resources (NYSE: SBOW ) has priced an upsized underwritten public offering of its common stock. Its stock fell about 1.64% to $37.85 a share after-hours on Wednesday. The size of the offering was increased from the previously announced 3 million shares to an aggregate of 4 million shares of the company’s common stock, which includes 2.81 million shares offered by the company and 1.19 million shares offered by an affiliate of Strategic Value Partners, LLC at a price to the public of $37.00 per share. The company and the selling stockholder have granted the underwriters a 30-day option to purchase up to an additional 600,000 shares, upsized from the previously announced 450,000 shares. The offering is expected to close on or about September 18, 2023, subject to customary closing conditions. Net proceeds from the offering will be used to repay a portion of the amounts outstanding under its senior secured revolving credit facility and for general corporate purposes, and will subsequently use borrowings under its Credit Facility and proceeds from its amended second lien notes to fund the purchase price for the Company’s pending acquisition of Chesapeake Energy Corporation’s oil and gas assets in South Texas. The company will not receive any proceeds from any sale of shares by the selling stockholder.