Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Prices Upsized Public Offering of Common Units
27 February 2019 - 12:25PM
Viper Energy Partners LP (NASDAQ:VNOM) (“Viper”), a subsidiary of
Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), announced
today the pricing of Viper’s public offering of 9,500,000 common
units representing limited partner interests at a public offering
price of $32.00 per unit. The 9,500,000 offering of common units
represents a 1,500,000 unit upsize to the originally proposed
8,000,000 offering of common units. The total gross proceeds of the
offering (before underwriters’ discounts and commissions and
estimated offering expenses) will be approximately $304.0 million.
The underwriters have a 30 day option to purchase up to an
additional 1,425,000 common units from Viper.
The offering is expected to close on March 1, 2019, subject to
customary closing conditions. Viper intends to use the net proceeds
from the offering, including any net proceeds from the
underwriters’ exercise of their option to purchase additional
common units, to purchase units of Viper Energy Partners LLC
(“Viper Operating Company”). Viper Operating Company will use the
net proceeds from the offering to repay a portion of the
outstanding borrowings under Viper’s revolving credit facility.
Viper Operating Company will use any net proceeds received in
connection with the underwriters’ exercise of their option to
purchase additional common units to repay additional outstanding
borrowings under Viper’s revolving credit facility and for general
partnership purposes, which may include additional
acquisitions.
Credit Suisse is acting as the book-running manager for the
offering. When available, a copy of the final prospectus for the
offering may be obtained from:
|
Credit Suisse Securities
(USA) LLC |
|
Eleven Madison Avenue, 3rd
Floor |
|
New York, NY 10010 |
|
Attention: Prospectus
Department |
|
Telephone: (800)
221-1037 |
|
E-mail:
usa.prospectus@credit-suisse.com |
You may also obtain a copy of the final prospectus for free by
visiting the Securities and Exchange Commission’s website at
http://www.sec.gov. The common units will be issued and sold
pursuant to an effective shelf registration statement on Form S-3
previously filed with the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the common units, nor shall there
be any sale of the common units 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. This offering may only be made by
means of a prospectus supplement and related base prospectus.
About Viper Energy Partners LPViper is a limited partnership
formed by Diamondback to own, acquire and exploit oil and natural
gas properties in North America, with a focus on oil-weighted
basins, primarily the Permian Basin in West Texas and the Eagle
Ford Shale.
Forward-Looking StatementsThis press release contains
forward-looking statements within the meaning of the federal
securities laws. All statements, other than historical facts, that
address activities that Viper assumes, plans, expects, believes,
intends or anticipates (and other similar expressions) will, should
or may occur in the future are forward-looking statements. The
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 Viper. Information concerning these risks and other
factors can be found in Viper’s filings with the Securities and
Exchange Commission, including its Forms 10-K, 10-Q and 8-K and any
amendments thereto, which can be obtained free of charge on the
Securities and Exchange Commission’s web site at
http://www.sec.gov. Viper undertakes no obligation to update or
revise any forward-looking statement.
Investor Contact:Adam Lawlis+1
432.221.7467alawlis@diamondbackenergy.com
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