Diamondback Energy preps five-part senior notes offering

Chicago, April 8 – Diamondback Energy Inc. is in the market with an announced offering for five fixed-rate senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

Each series will be guaranteed by Diamondback E&P LLC.

The notes will be callable with make-whole premiums until the par call dates a number of months before each maturity date.

Citigroup Global Markets Inc., BofA Securities, Inc. and TD Securities (USA) LLC are leading the sale.

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are also listed as bookrunners.

Computershare Trust Co., NA will be the trustee.

Wachtell, Lipton, Rosen & Katz is advising the company. Latham & Watkins LLP will be counsel for the underwriters.

Proceeds will be used to support the acquisition of Endeavour, an oil and natural gas company. The company received an $8 billion senior bridge term loan for the acquisition, which has been reduced to $6.5 billion with a term loan. It will be further reduced on a dollar-to-dollar basis based on this notes offering.

The outside date for the acquisition is Aug. 11, 2025. There will be a special mandatory redemption at 101 if the acquisition has not closed by the outside date.

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

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