March 16, 2017 / 12:32 PM / a year ago

BUZZ-Intrepid Potash Inc: Drops on upsized stock offering

(Updates, adds pricing information)

** Intrepid Potash shares down 10 pct to 4-month low premarket after co prices its upsized follow-on

** Potash producer offers 43.5 mln shares for gross raise of approx $52.3 mln to partially repay outstanding senior note debt and for general corp purposes

** Offer price equates to $1.20, a 15.5 pct discount to stock’s Weds close, based on Thomson Reuters calculation

** Intrepid raises more than planned; co marketed a deal size of $40 mln, sources say

** CEO is among insiders buying up to 30 pct of deal stock, per offering prospectus

** Offering represents about 57 pct of Intrepid’s 75.8 mln shares outstanding at end-Dec

** As of Mar 14, Intrepid had in aggregate approx $130 mln outstanding principal amounts due across its senior notes due 2020, 2023 and 2025

** Cantor Fitzgerald is offering’s sole bookrunner; Intrepid hired the investment bank in Dec to assist in assessing potential strategic alternatives, including sale of the co or its assets

** IPI’s stock lost a third of its value over past three months

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