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Diamondback Energy, Inc. announced the pricing of an underwritten public offering of 1,750,000 shares of its common stock.
The underwriter intends to offer the shares from time to time for sale in one or more transactions on the NASDAQ Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. The total gross proceeds of the offering (before underwriter's discounts and commissions and estimated offering expenses) will be approximately $106 million. The underwriter has an option to purchase up to an additional 262,500 shares of common stock from Diamondback.
Diamondback intends to use the net proceeds from this offering to repay a portion of the outstanding borrowings under its revolving credit facility.