Finance & Investing | Fundraising | Capital Markets
Parsley Upsizes Public Offering to $202 Million
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Parsley Energy, Inc. has priced an underwritten, upsized public offering of 11,227,273 shares of its Class A common stock by the Company and 1,122,727 shares of its Class A common stock by NGP X US Holdings, L.P., one of the Company's stockholders, at $18.00 per share.
The 12,350,000 share offering represents a 3,000,000 share upsize to the originally proposed 9,350,000 share offering. Total gross proceeds (before underwriters' fees and estimated expenses) will be approximately $202.1 million to the Company and approximately $20.2 million to the selling stockholder. The Company and the selling stockholder have granted the underwriters an option for 30 days to purchase up to an additional 1,684,091 and 168,409 shares of the Company's Class A common stock, respectively. The offering is expected to close on December 14, 2015, subject to customary closing conditions.
The Company recently entered into a purchase and sale agreement providing for the sale and transfer by the seller of Seller's interests in 6,040 gross (5,274 net) acres located in Upton, Reagan and Glasscock Counties, Texas, with 238 associated net horizontal drilling locations, for an aggregate purchase price of $148.5 million in cash (subject to customary purchase price adjustments), which the Company intends to fund with a portion of the net proceeds of the offering. The properties to be acquired had average net production of approximately 1,000 Boe/d during the month of November and also include one horizontal well that is anticipated to be completed by the Seller prior to close. The remaining net proceeds will be used to fund a portion of the Company's capital program and for general corporate purposes. The Company will not receive any of the proceeds from the sale of shares by the selling stockholder.
Goldman, Sachs & Co. and Credit Suisse Securities (USA) LLC are acting as underwriters for the offering.
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