Matador Resources Co. (NYSE: MTDR) priced a public offer of 7 million common shares, the company said April 16.
Net proceeds of about $189 million will repay outstanding revolving credit facility borrowings, fund part of future capex, and support general capital needs. The future capex includes a third drilling rig in the Permian Basin in the next six to nine months and acquisitions in the Permian, Eagle Ford and Haynesville shales. Proceeds might also reduce other debts or be invested in short-term securities.
The offer is scheduled to close April 21.
RBC Capital Markets is the sole underwriter.
Dallas-based Matador Resources Co. develops and produces domestic oil and natural gas.
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