KeySpan SplitOff

KeySpan SplitOff. KeySpan Split-Off" shall mean the series of transactions whereby the Company will: (a) offer 6,200,000 shares of its common stock to the public pursuant to the Offering; (b) contribute (i) the net proceeds of the Offering, (ii) up to an aggregate principal amount not to exceed $150,000,000 in proceeds of Loans under this Agreement, and (iii) all of the Appalachian Assets, to... Seneca-Upsur; (c) transfer all of the issued and outstanding shares of the common stock of Seneca-Upsur to KeySpan in exchange for not less than 10,800,000 shares of the common stock of the Company owned by KeySpan; (d) retire the shares of its common stock received from KeySpan; and (e) if the underwriters of the Offering exercise their option to purchase up to an additional 15% of the Company's common stock to cover over-allotments, the net proceeds of such purchase will be used to, among other things, acquire and retire up to an additional 310,000 shares of the common stock of the Company owned by KeySpan. View More