Report: Nymex plans $1B secondary offering

NEW YORK, Feb. 23 (UPI) -- The New York Mercantile Exchange owner plans a $1 billion stock offering months after its successful initial public offering, a published report said Friday.

Nymex Holdings Inc. filed with the Securities and Exchange Commission Friday to sell an undisclosed amount of common stock from time to time, The Wall Street Journal reported.

The exchange said in its filing it intended to use the offering's net proceeds for general corporate purposes, the newspaper said.

The Nymex offering, which could take place as early as next month, is possible because exchange management agreed to let exchange members sell sooner than previously agreed to.

When the exchange went public in November, Nymex members were told they could sell part of their stakes this spring, but the company's board decided Thursday to let a sale, known as a secondary offering, take place sooner, the Journal said.

Part of the reason behind the decision is because Nymex stock has done so well in the market, trading as high as $152 from an initial price of $59 a share.