I am expecting the Gastar 8.625% Series A Pfd to drift up to par ($25) by mid-year, after the company has completed the full $100 million offering.
> Pays dividends monthly
> All dividends are tax deferred return of capital.
GST-PA
Re: GST-PA
Through March 2 Gastar had sold $38.5 million of these preferred shares.
Re: GST-PA
See paragraph at the bottom. GST has issued 2,836,685 with a par value of $25. 2,836,685 x $25 = $70,917,125. It was my understanding that their goal was to issue a total of $100 million par value. They told me that EPG members bought a lot of the pfd after our luncheon. - Dan
From today press release.
Liquidity and Capital Budget
At December 31, 2011, we had cash and cash equivalents of $10.6 million and a net working capital deficit of approximately $17.9 million. The working capital deficit includes $19.5 million of advances from non-operators, of which $1.5 million will be applied to Gastar's net future share of costs pursuant to the carried interest provisions of the Atinum Joint Venture.
Availability under our revolving credit facility was $20.0 million at December 31, 2011. Effective March 5, 2012, the borrowing base under the Revolving Credit Facility was increased from $50.0 million to $100.0 million, resulting in current availability under the Revolving Credit Facility of $73.0 million.
Capital expenditures for 2012, excluding acquisitions, are projected to be approximately $134.2 million. We expect to spend $103.0 million in the Marcellus Shale, $6.6 million in East Texas, $19.8 million on a new Mid-Continent oil-focused venture and $4.8 million for capitalized interest and other costs. We plan on funding this capital activity through existing cash balances, internally generated cash flow from operating activities, borrowings under the Revolving Credit Facility and possible future at-the-market ("ATM") issuances of Gastar USA Series A Preferred Stock.
Preferred Share Issuances
During the fourth quarter ended December 31, 2011, Gastar USA issued 554,044 preferred shares for net proceeds of $10.5 million resulting in year-end 2011 total preferred shares issued of 1,364,543 for net proceeds of $27.4 million. For the period January 1 to March 2, 2012, Gastar USA issued an additional 1,472,142 preferred shares for net proceeds of $28.0 million.
From today press release.
Liquidity and Capital Budget
At December 31, 2011, we had cash and cash equivalents of $10.6 million and a net working capital deficit of approximately $17.9 million. The working capital deficit includes $19.5 million of advances from non-operators, of which $1.5 million will be applied to Gastar's net future share of costs pursuant to the carried interest provisions of the Atinum Joint Venture.
Availability under our revolving credit facility was $20.0 million at December 31, 2011. Effective March 5, 2012, the borrowing base under the Revolving Credit Facility was increased from $50.0 million to $100.0 million, resulting in current availability under the Revolving Credit Facility of $73.0 million.
Capital expenditures for 2012, excluding acquisitions, are projected to be approximately $134.2 million. We expect to spend $103.0 million in the Marcellus Shale, $6.6 million in East Texas, $19.8 million on a new Mid-Continent oil-focused venture and $4.8 million for capitalized interest and other costs. We plan on funding this capital activity through existing cash balances, internally generated cash flow from operating activities, borrowings under the Revolving Credit Facility and possible future at-the-market ("ATM") issuances of Gastar USA Series A Preferred Stock.
Preferred Share Issuances
During the fourth quarter ended December 31, 2011, Gastar USA issued 554,044 preferred shares for net proceeds of $10.5 million resulting in year-end 2011 total preferred shares issued of 1,364,543 for net proceeds of $27.4 million. For the period January 1 to March 2, 2012, Gastar USA issued an additional 1,472,142 preferred shares for net proceeds of $28.0 million.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: GST-PA
I just talked to Gastar. They have about 1.2 million shares of the pfd that they want to sell. I think you can get it a little cheaper by buying direct from the company. Symbol on Yahoo is GST-PA. Trading at $21.30 this morning, so the yield is over 10%. Dividends are paid monthly and they are tax deferred return of capital.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group