Memorial Resource Development Corp. (NASDAQ: MRD) closed its recent IPO of about 49.2 million common shares priced at $19.00 each, the company said June 18.
Undewriters had been given an option to purchase about 6.4 million additional shares from the selling stockholder, the company said.
Memorial Resource sold 21.5 million of the shares, while the selling stockholder sold about 27.7 million shares, the company said, noting that it did not receive proceeds from the selling stockholder.
The IPO raised about $382.1 million in net proceeds. Memorial Resource will use them to redeem its 10% and 10.75% senior notes due 2018 and pay associated costs, the company noted. They will also pay part of the cost for an asset consideration and will repay credit facility borrowings, the company said. The portion of the asset consideration will also be paid for by the facility's borrowings, the company added. Additionally, the proceeds will pay costs related to the new credit facility, the company said.
Citigroup Inc. (NYSE: C) and Barclays Plc (NYSE: BCS) were joint book-running managers. BofA Merrill Lynch, BMO Capital Markets, Goldman, Sachs & Co. (NYSE: GS), Raymond James, RBC Capital Markets and Wells Fargo Securities LLC also were book-running managers, Memorial Resource said.
Houston-based Memorial Resource Development Corp. acquires, explores and develops domestic oil and natural gas.
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