Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Announces Public Offering of Common Units
February 26 2019 - 4:01PM
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
8,000,000 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 1,200,000 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,
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.
Credit Suisse is acting as the book-running manager for the
offering. When available, a copy of the preliminary prospectus for
the offering may be obtained from:
|
Credit Suisse Securities
(USA) LLC |
|
Eleven Madison Avenue, 3rd
Floor |
|
New York, NY 10010 |
|
Attention: Prospectus
Department |
|
Telephone: (800)
221-1037 |
|
E-mail:
usa.prospectus@credit-suisse.com |
You may also obtain a copy of the preliminary prospectus for
free by visiting the Securities and Exchange Commission’s 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 LPViper 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.
Forward-Looking StatementsThis press release contains
forward-looking statements within the meaning of the federal
securities laws. All statements, other than historical facts, that
address activities that Viper assumes, plans, expects, believes,
intends or anticipates (and other similar expressions) will, should
or may occur in the future are forward-looking statements. The
forward-looking statements are based on management’s current
beliefs, based on currently available information, as to the
outcome and timing of future events. These forward-looking
statements involve certain risks and uncertainties that could cause
the results to differ materially from those expected by the
management of Viper. Information concerning these risks and other
factors can be found in Viper’s filings with the Securities and
Exchange Commission, including its Forms 10-K, 10-Q and 8-K and any
amendments thereto, which can be obtained free of charge on the
Securities and Exchange Commission’s web site at
http://www.sec.gov. Viper undertakes no obligation to update or
revise any forward-looking statement.
Investor Contact:Adam Lawlis+1
432.221.7467alawlis@diamondbackenergy.com
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