Concho Prices Upsized Public Offering of Stock
Concho Resources Inc. has priced an upsized public offering of 6,000,000 shares of its common stock for total gross proceeds (before underwriter’s fees and estimated expenses) of approximately $650 million.
The underwriter has an option for 30 days to purchase up to an additional 900,000 shares of common stock from the Company. Proceeds from the offering are expected to be used to repay all of the outstanding borrowings under the Company’s credit facility and for general corporate purposes, which may include funding of the Company’s drilling and development program and future acquisitions.
BofA Merrill Lynch is acting as sole book-running manager for the offering and has offered, and may offer, the shares at prevailing market prices or otherwise from time to time through the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise. On February 26, 2015, the last reported sale price of the Company’s common stock was $112.97 per share. The offering is expected to close on March 4, 2015, subject to customary closing conditions.
/Book Runner
Vice President
Midland ,Texas ,79701
(432) 683-7443
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