Finance & Investing | Fundraising | Capital Markets | Private Equity Activity
RSP Permian Prices $129MM Public Offering of Stock
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RSP Permian, Inc. announced that it has priced an underwritten public offering of 5,000,000 shares of its common stock by the Company and 4,000,000 shares of its common stock by certain of the Company's stockholders at $25.80 per share.
Total gross proceeds (before the underwriter's discounts and commissions and estimated offering expenses) will be approximately $129.0 million to the Company and approximately $103.2 million to the selling stockholders. The Company and the selling stockholders have granted the underwriter a 30-day option to purchase up to 750,000 and 600,000 additional shares of the Company's common stock, respectively. The offering is expected to close on March 23, 2015, subject to customary closing conditions.
The Company intends to use the net proceeds from this offering, including the proceeds from any exercise of the option to purchase additional shares of common stock, to repay all outstanding borrowings under its revolving credit facility and the balance for general corporate purposes, which may include funding its drilling and development program and future acquisitions. The Company will not receive any of the proceeds from the sale of the shares of common stock by the selling stockholders.
Barclays Capital Inc. is acting as the sole underwriter of the offering.
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