Diamondback Energy Inc. (NASDAQ: FANG) said Jan. 21 that it priced an underwritten public offering of about 1.8 million common shares.

The underwriter was given an option to purchase 262,500 more additional shares.

The gross proceeds will total about $106 million, and will repay part of the outstanding revolving credit facility borrowings.

The offering is scheduled to close Jan. 26, the company said.

Credit Suisse Securities (USA) LLC is the sole book-running manager.

Midland, Texas-based Diamondback Energy Inc. operates in the West Texas Permian Basin.