Centennial Resource Development Inc. (NASDAQ: CDEV) has priced an underwritten public offering of an aggregate of 25 million shares of Class A common stock.
The selling stockholders include Riverstone VI Centennial QB Holdings LP (14,758,369 shares), REL US Centennial Holdings LLC (4,362,317 shares), Riverstone Non-ECI USRPI AIV LP (1,071,891 shares), Silver Run Sponsor LLC (1,312,840 shares), Celero Energy Co. LP (752,315 shares), Centennial Resource Development LLC (2,128,462 shares), NGP Centennial Follow-On LLC (466,870 shares) and CP VI-A Centennial LP (146,936 shares).
Certain of the selling stockholders have also granted the underwriter a 30-day option to purchase up to an aggregate of 3.75 million additional shares of Class A common stock.
The underwriter intends to offer the shares from time to time for sale in one or more transactions on the NASDAQ Capital Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
The gross proceeds from the sale of the shares by the selling stockholders are expected to be approximately $491.3 million. The offering is expected to close on March 8, 2018, subject to customary closing conditions. Centennial will not sell any shares of Class A common stock in the offering and will not receive any proceeds therefrom.
J.P. Morgan (NYSE: JPM) is acting as the underwriter for the offering.
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