Finance & Investing | Debt | Capital Markets
Matador Makes Stock Offering to Fund Fourth Permian Rig
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Matador Resources Company has commenced an underwritten public offering of 7,500,000 shares of its common stock.
Matador intends to use the net proceeds from this offering primarily to fund a portion of its capital expenditures, including to continue to operate a fourth rig in the Permian Basin throughout the remainder of 2014, allowing Matador to operate two drilling rigs for the development of its acreage in the Eagle Ford shale play and two drilling rigs for the exploration and development of its acreage in the Wolfcamp and Bone Spring plays in the Permian Basin. Matador also intends to use net proceeds from this offering to fund targeted acquisitions of additional acreage in the Permian Basin, as well as in the Eagle Ford shale and the Haynesville shale, for its participation in additional non-operated Haynesville wells and for other general working capital needs. Pending such uses, Matador intends to repay outstanding borrowings under its revolving credit facility, which amounts may be reborrowed in accordance with the terms of that facility.
RBC Capital Markets is acting as the sole underwriter of the offering.
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