Peyto Exploration & Development (TSX:PEY) has announced that it has closed its previously announced bought deal offering of common shares. The company issued 5,390,625 common shares at a price of $32 per common share, for total gross proceeds of approximately $172.5 million.

As quoted in the press release:

The syndicate of underwriters was co-led by BMO Capital Markets and FirstEnergy Capital Corp., and included RBC Dominion Securities Inc., Peters & Co. Limited, Scotia Capital Inc., TD Securities Inc., CIBC World Markets Inc., Raymond James Ltd., Canaccord Genuity Corp. and Haywood Securities Inc.

Net proceeds from the offering will initially be used to partially repay outstanding bank indebtedness, thereby freeing up borrowing capacity which may be used to fund a portion of the Corporation’s 2016 capital program and for general corporate purposes.

Click here for the full press release.

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