Diamondback Energy completes redemption of 2024, 2025 notes

By William Gullotti

Buffalo, N.Y., March 24 – Diamondback Energy Inc. reported that it has successfully completed the redemption process for about $1.5 billion of notes from two series, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, Diamondback delivered conditional notices of redemption for its $1 billion outstanding 2.875% senior notes due 2024 and the $500 million outstanding 4.75% notes due 2025, contingent upon the success of its offering of 4.25% senior notes due 2052.

The redemptions settled as scheduled on March 23 for the 2024 notes and March 18 for the 2025 notes.

The company reported paying redemption prices totaling $1,023,000,000 for the 2024 notes and $540 million for the 2025 notes. Diamondback funded the 2025 notes’ redemption payment in whole with proceeds from the 2052 notes. The redemption payment for the 2024 notes was funded with proceeds from the 2052 notes and cash on hand.

No notes remain outstanding from either series.

Diamondback is a Midland, Tex., oil and natural gas company.

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