Berry Petroleum Corporation (NASDAQ: BRY) (“Berry”) announced today the pricing of the initial public offering of its common stock at $14.00 per share. The offering consists of 10,497,849 shares of common stock being offered by Berry and 2,545,630 shares of common stock being offered by the selling stockholders named in the registration statement on Form S-1 (the “Registration Statement”). The shares are expected to begin trading on July 26, 2018 on the Nasdaq Global Select Market under the ticker symbol “BRY.” The offering is expected to close on July 30, 2018, subject to customary closing conditions. Berry intends to use a portion of the proceeds it receives from the offering to purchase an aggregate of 1,802,196 shares of its common stock owned by funds affiliated with Benefit Street Partners and Oaktree Capital Management. After giving effect to this offering and the share repurchase, the number of shares of common stock outstanding will increase by 8,695,653.
In addition, Berry and the selling stockholders named in the Registration Statement have granted the underwriters of the offering a 30-day option to purchase up to an additional 1,534,895 shares and 421,626 shares, respectively, of Berry’s common stock at the initial public offering price, less underwriting discounts and commissions. Berry intends to use a portion of the proceeds it receives from any sale of additional shares pursuant to the underwriters’ option to purchase an additional 230,548 shares of its common stock owned by funds affiliated with Benefit Street Partners. Assuming the underwriters exercise their option in full, the number of shares outstanding after such option exercise and additional share repurchase will increase by 1,304,347.
Goldman Sachs & Co. LLC, Wells Fargo Securities and BMO Capital Markets are acting as lead book-running managers for the offering. Additional book-running managers are Evercore ISI and UBS Investment Bank. KeyBanc Capital Markets, Capital One Securities, Johnson Rice & Company L.L.C., Simmons & Company International, Energy Specialists of Piper Jaffray, Tudor, Pickering, Holt & Co., ABN AMRO, ING, BOK Financial Securities, Inc. and Citizens Capital Markets are acting as co-managers for the offering. The offering of these securities will be made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933. Copies of the written prospectus for the offering may be obtained, when available, from:
Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Street
New York, NY 10282
Telephone: 1-866-471-2526
Facsimile: 212-902-9316
prospectus-ny@ny.email.gs.com
Wells Fargo Securities, LLC
Attention: Equity Syndicate Department
375 Park Avenue
New York, New York 10152
Telephone: (800) 326-5897
cmclientsupport@wellsfargo.com
BMO Capital Markets Corp.
Attention: Equity Syndicate Department
3 Times Square, 25th Floor
New York, New York 10036
Telephone: (800) 414-3627
bmoprospectus@bmo.com
