Parsley Energy Inc. (NYSE: PE) will sell about 14.9 million Class A common shares in a private placement, the company said Feb. 6.

Net proceeds should total about $224 million, the company added. They will repay revolving credit facility borrowings and support general corporate purposes.

Credit Suisse is the placement agent. Tudor, Pickering, Holt & Co. is a financial adviser.

Austin, Texas-based Parsley Energy Inc. acquires and develops oil and natural gas reserves in the West Texas Permian Basin.