Diamondback Energy Inc. (NASDAQ: FANG) opened a public offering of 5 million common shares, the company said July 21.
Underwriters were given an option to purchase up to 750,000 additional shares, the company added.
The net proceeds will support Diamondback’s pending acquisition of Permian Basin leasehold interests, the company said. Any remaining net proceeds will support exploration and development activities and general corporate purposes including leasehold interest and working capital, the company noted.
Borrowings from the revolving credit facility will also support the acquisition, Diamondback added.
Credit Suisse Securities (USA) LLC is the sole book-running manager, the company said.
Diamondback Energy Inc. is based in Midland, Texas.
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