MIDLAND, Texas, July 31, 2018 (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 public offering of 9,000,000 common units representing limited partner interests at a public offering price of $31.25 per unit. The total gross proceeds of the offering (before underwriters’ discounts and commissions and estimated offering expenses) will be approximately $281.3 million. The underwriters have a 30-day option to purchase up to an additional 1,080,000 common units from Viper.
The offering is expected to close on August 3, 2018, 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 purchase units of Viper Energy Partners LLC (“Viper Operating Company”). Viper Operating Company will use the net proceeds from the offering to repay a portion of the outstanding borrowings under Viper’s revolving credit facility. Viper Operating Company will use any net proceeds received in connection with the underwriters’ exercise of their option to purchase additional common units to repay additional outstanding borrowings under Viper’s revolving credit facility and for general partnership purposes, which may include additional acquisitions.
UBS Investment Bank and Credit Suisse are acting as joint book-running managers for the offering. When available, a copy of the final prospectus for the offering may be obtained from:
|UBS Securities LLC||Credit Suisse Securities (USA) LLC|
|1285 Avenue of the Americas||Eleven Madison Avenue, Level 1B|
|New York, NY 10019||New York, NY 10010|
|Attention: Prospectus Department||Attention: Prospectus Department|
|Telephone: (888) 827-7275||Telephone: (800) 221-1037|
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 oil-weighted basins, primarily the Permian Basin in West Texas and the Eagle Ford Shale.