Viper Energy Partners LP (NASDAQ: VNOM) and Diamondback Energy Inc. (NASDAQ: FANG) priced the subsidiary’s public offering of 3.5 million common units, Viper said Sept. 15.
The units, representing limited partner interests, were priced at $28.50 each. Underwriters were given a monthlong option to purchase up to 525,000 additional units at the same price to cover overallotments, Viper added.
Net proceeds will repay credit agreement borrowings and support general partnership purposes including acquisitions, the company said.
The offer is scheduled to close Sept. 19, the company noted.
Barclays Plc (NYSE: BCS), Credit Suisse (NYSE: CS) and Wells Fargo Securities LLC are joint book-running managers. Baird, Raymond James, Scotiabank/Howard Weil, Simmons & Co. International, Stifel and Tudor, Pickering, Holt & Co. are senior co-managers. Northland Capital Markets, Sterne Agee and Wunderlich Securities are also co-managers, the company said.
Diamondback Energy Inc., based in Midland, Texas, formed Viper Energy Partners LP for Permian Basin operations, where it also operates.
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