AUSTIN, Texas, Jan. 10, 2017 /PRNewswire/ — Parsley Energy, Inc. (NYSE: PE) (“Parsley Energy” or the “Company”) today announced that it has priced an underwritten, upsized public offering of 22,000,000 shares of Class A common stock for total gross proceeds (before underwriters’ fees and estimated expenses) of approximately $770.0 million (the “Equity Offering”). The 22,000,000 share offering represents a 2,000,000 share upsize to the originally proposed 20,000,000 share offering. The underwriters have an option for 30 days to purchase up to an additional 3,300,000 shares of Class A common stock from the Company. The Equity Offering is expected to close on January 16, 2017, subject to customary closing conditions.
The Company intends to use a portion of the net proceeds of the Equity Offering to fund the aggregate purchase price for certain acquisitions of oil and natural gas interests in the Midland and Southern Delaware Basins (the “Acquisitions”), and the remaining net proceeds will be used to fund a portion of the Company’s capital program and for general corporate purposes, including potential future acquisitions. The Equity Offering is not conditioned on the consummation of the Acquisitions.
Morgan Stanley and BMO Capital Markets Corp. are acting as joint lead bookrunners for the Equity Offering.
The Equity Offering is being made pursuant to an effective shelf registration statement, which has been filed with the Securities and Exchange Commission (the “SEC”) and became effective June 5, 2015. The Equity Offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the SEC’s website at www.sec.gov. Alternatively, the joint lead bookrunners will arrange to send you the preliminary prospectus supplement and related base prospectus if you request them by contacting:
Morgan Stanley & Co. LLC
Attn: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014
BMO Capital Markets Corp.
Attn: Equity Syndicate Department
3 Times Square
New York, NY 10036
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities 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.
About Parsley Energy, Inc.
Parsley Energy, Inc. is an independent oil and natural gas company focused on the acquisition and development of unconventional oil and natural gas reserves in the Permian Basin in West Texas.