MIDLAND, Texas, Jan. 18, 2017 (GLOBE NEWSWIRE) — Viper Energy Partners LP (Nasdaq:VNOM) (“Viper”), a subsidiary of Diamondback Energy, Inc. (Nasdaq:FANG) (“Diamondback”), announced today that Viper has commenced an underwritten public offering of 7,000,000 common units representing limited partner interests, subject to market and other conditions. Viper anticipates granting the underwriters a 30-day option to purchase up to an additional 1,050,000 common units from Viper. All of the common units to be sold in this offering will be sold by Viper.
Viper intends to use the net proceeds from the offering to repay outstanding borrowings under its revolving credit facility. To the extent the underwriters exercise their option to purchase additional common units, Viper intends to use the net proceeds it receives from such exercise to repay additional borrowings under its revolving credit facility and for general partnership purposes, which may include additional acquisitions.
Diamondback has indicated its interest in purchasing all common units offered that are not purchased in the public offering, up to a total of 2,000,000 common units. These common units would be purchased directly from the underwriters at the price per common unit paid by the underwriters to Viper.
Credit Suisse, Citigroup and UBS Investment Bank are acting as joint book-running managers for the offering. When available, a copy of the preliminary prospectus for the offering may be obtained from:
|Credit Suisse Securities (USA) LLC||Citigroup Global Markets Inc.|
|Attention: Prospectus Department||c/o Broadridge Financial Solutions|
|Eleven Madison Avenue, Level 1B||1155 Long Island Avenue|
|New York, NY 10010||Edgewood, NY 11717|
|Telephone: 1-800-221-1037||Telephone: (800) 831-9146|
|UBS Securities LLC|
|Attn: Prospectus Dept.|
|1285 Avenue of the Americas|
|New York, NY 10019|
|Telephone: (888) 827-7275|
You may also obtain a copy of the preliminary 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 oil-weighted basins, primarily the Permian Basin in West Texas.