Riverstone Energy Limited Pricing of Secondary Public Offering in Centennial (1976H)
09 March 2018 - 6:00PM
UK Regulatory
TIDMRSE
RNS Number : 1976H
Riverstone Energy Limited
08 March 2018
- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -
Pricing of Secondary Public Offering in Centennial Resource
Development
London, UK (8 March 2018) - Centennial Resource Development Inc.
("Centennial") (NASDAQ: CDEV) has announced the pricing of the
previously announced underwritten public offering of an aggregate
of 25,000,000 shares of Class A common stock.
Riverstone Energy Limited ("REL") participated for its
proportional share of the offering, resulting in the sale of
4,362,317 shares at a price of $19.50 per share. This will result
in gross proceeds to REL of $85,065,182, prior to applicable taxes,
expenses and performance fee. The underwriters have a 30-day option
to purchase up to an additional 654,348 shares from REL at the
public offering price.
REL originally invested $175 million in Centennial in October
2016 at $10 per share with an additional $93 million in December
2016 at $14.54 per share to fund the acquisition of Silverback
Exploration. Following today's transaction, REL has sold 8,708,950
shares for gross proceeds of $172 million, which implies a gross
multiple of invested capital of 1.8x and a gross IRR of 55% on
REL's investment.
REL retains a substantial holding in Centennial of 15,179,971
shares (excluding the option for underwriters to purchase
additional shares).
The offering closed today.
About Riverstone Energy Limited:
REL is a closed-ended investment company that invests
exclusively in the global energy industry, with a particular focus
on the exploration & production and midstream sectors. REL aims
to capitalise on the opportunities presented by Riverstone's energy
investment platform. REL is a member of the FTSE 250 and its
ordinary shares are listed on the London Stock Exchange, trading
under the symbol RSE. REL has 14 active investments spanning
conventional and unconventional oil and gas activities in the
Continental U.S., Western Canada, Gulf of Mexico, Mexico and
credit.
For further details, see www.RiverstoneREL.com
Neither the contents of Riverstone Energy Limited's website nor
the contents of any website accessible from hyperlinks on the
websites (or any other website) is incorporated into, or forms part
of, this announcement.
About Centennial Resource Development, Inc.
Centennial Resource Development, Inc. is an independent oil and
natural gas company focused on the development of unconventional
oil and associated liquids-rich natural gas reserves in the Permian
Basin. The Company's assets and operations, which are held and
conducted through Centennial Resource Production, LLC, are
concentrated in the Delaware Basin, a sub-basin of the Permian
Basin.
Media Contacts
For Riverstone Energy Limited:
Brian Potskowski
Natasha Fowlie
+44 20 3206 6300
This information is provided by RNS
The company news service from the London Stock Exchange
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