Concho Resources Inc. (NYSE: CXO) announced Feb. 26 it priced an upsized public offering of 6 million shares of its common stock.
The Midland, Texas-based company said it expects total gross proceeds of about $650 million, before underwriter’s fees and estimated expenses.
Proceeds will be used to repay all of the outstanding borrowings under its credit facility and for general corporate purposes, which may include funding its drilling and development program and future acquisitions.
The underwriter has an option for 30 days to purchase up to an additional 900,000 shares of stock.
BofA Merrill Lynch is sole book-running manager. The offering is expected to close on March 4, subject to customary closing conditions.
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