MIDLAND, Texas, July 17, 2017 (GLOBE NEWSWIRE) — Viper Energy Partners LP (NASDAQ:VNOM) (“Viper”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), announced today the pricing of Viper’s upsized public offering of 14,000,000 common units representing limited partner interests. The total gross proceeds of the offering (before underwriters’ discounts and commissions and estimated offering expenses) will be approximately $206.5 million. The underwriters have a 30-day option to purchase up to an additional 2,100,000 common units from Viper.
The offering is expected to close on July 21, 2017, subject to customary closing conditions. Viper intends to use the net proceeds from the offering, including any net proceeds from the underwriters’ exercise of their option to purchase additional common units, to repay the outstanding borrowings under Viper’s revolving credit facility, to fund a portion of the purchase price for its pending acquisitions and for general partnership purposes, which may include additional acquisitions.
In the public offering, Diamondback has agreed to purchase from the underwriters 700,000 common units, an affiliate of Viper’s general partner has agreed to purchase from the underwriters 3,000,000 common units and certain officers and directors of Diamondback and Viper’s general partner have agreed to purchase from the underwriters 114,000 common units, in each case at the price per common unit paid by the underwriters to Viper.
Credit Suisse is acting as a sole book-running manager for the offering. Barclays, Citigroup, UBS Investment Bank and Wells Fargo Securities served as senior co-managers for the offering. When available, a copy of the final prospectus for the offering may be obtained from:
|Credit Suisse Securities (USA) LLC|
|Attention: Prospectus Department|
|Eleven Madison Avenue, Level 1B|
|New York, NY 10010|
You may also obtain a copy of the final prospectus for free by visiting the Securities and Exchange Commission website at http://www.sec.gov.
The common units will be issued and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the common units, nor shall there be any sale of the common units 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. This offering may only be made by means of a prospectus supplement and related base prospectus.
About Viper Energy Partners LP
Viper is a limited partnership formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on oilweighted basins, primarily the Permian Basin in West Texas.