DALLAS, Aug. 4, 2015 /PRNewswire/ -- RSP
Permian, Inc. ("RSP" or the "Company") (NYSE: RSPP) today
announced that it has priced an underwritten public offering of
7,000,000 shares of its common stock at $22.50 per share. The offering was upsized to
7,000,000 shares of common stock from the original offering size of
6,000,000 shares of common stock. Total gross proceeds (before the
underwriter's discounts and commissions and estimated offering
expenses) will be approximately $157.5
million to the Company. The Company has granted the
underwriter a 30-day option to purchase up to 1,050,000
additional shares of the Company's common stock which the
underwriter exercised in full on August
4, 2015. The offering is expected to close on
August 7, 2015, subject to customary
closing conditions.
As previously announced, the Company has recently closed
acquisitions of, or entered into definitive purchase agreements to
acquire, undeveloped acreage and oil and gas producing properties
located in Martin and Glasscock counties for an aggregate purchase
price of approximately $274 million,
subject to certain customary purchase price adjustments (the
"Martin Glasscock Acquisitions"). The Company intends to use the
net proceeds from this offering to fund a portion of the purchase
price of the Martin Glasscock Acquisitions. We anticipate the
remainder of the purchase price of the Martin Glasscock
Acquisitions will come from borrowings under our revolving credit
facility or, to the extent we deem market conditions favorable, by
other capital markets transactions.
Goldman, Sachs & Co. is acting as the sole underwriter of
the offering.
The offering is being made pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission (the "SEC") on March 17, 2015. The offering will be
made only by means of a prospectus supplement and the accompanying
prospectus, copies of which may be obtained by sending a request
to: Goldman, Sachs & Co., c/o Prospectus Department, 200 West
Street, New York, NY 10282, by
calling (866) 471-2526 or by email at
prospectus-ny@ny.email.gs.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of
these securities, in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About RSP Permian, Inc.
RSP is an independent oil and natural gas company focused on the
acquisition, exploration, development and production of
unconventional oil and associated liquids-rich natural gas reserves
in the Permian Basin of West
Texas. The vast majority of RSP's acreage is located on
large, contiguous acreage blocks in the core of the Midland Basin, a sub-basin of the Permian
Basin, primarily in the adjacent counties of Midland, Martin, Andrews, Dawson, Ector
and Glasscock. The Company's
common stock is traded on the NYSE under the ticker symbol
"RSPP."
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the federal securities laws. All statements, other than
historical facts, that address activities that RSP assumes, plans,
expects, believes, intends or anticipates (and other similar
expressions) will, should or may occur in the future are
forward-looking statements. Forward-looking statements are based on
management's current beliefs, based on currently available
information, as to the outcome and timing of future events. These
forward-looking statements involve certain risks and uncertainties
that could cause the results to differ materially from those
expected by the management of RSP. Information concerning these
risks and other factors can be found in RSP's filings with the SEC,
including its Annual Report on Form 10-K, which can be
obtained free of charge on the SEC's web site located at
http://www.sec.gov. RSP undertakes no obligation to update or
revise any forward-looking statement.
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SOURCE RSP Permian, Inc.