Diamondback Energy to price $250 million 8.5-year notes on Thursday

By Paul A. Harris

Portland, Ore., Dec. 14 – Diamondback Energy, Inc. plans to price $250 million of 8.5-year senior notes on Thursday, according to an informed source.

The Rule 144A and Regulation S with registration rights deal was scheduled to be marketed on a late Wednesday afternoon investor conference call.

Credit Suisse Securities (USA) LLC is the bookrunner.

The notes, which are set to mature in May 2025, become callable at par plus 75% of the coupon after May 2020. The notes also feature a 35% equity clawback during the non-call period and a 101% poison put.

The Midland, Texas-based independent oil and gas company plans to use the proceeds to fund the acquisition of certain oil and natural gas assets of Brigham Resources Operating, LLC and Brigham Resources Midstream, LLC.

Diamondback Energy is primarily focused in the Permian Basin in West Texas.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.