Diamondback Energy elects optional redemption of 2024, 2025 notes

Chicago, March 3 – Diamondback Energy Inc. elected for the optional conditional redemption for two series of notes, subject to the completion of a new offering of senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

Diamondback is planning to fully redeem its $1 billion outstanding 2.875% senior notes due 2024 and the $500 million outstanding 4.75% notes due 2025.

The redemption date will be March 23 for the 2.875% notes and March 18 for the 4.75% notes.

Both notes will be redeemed with make-whole premiums.

Both the new notes and cash on hand will be used to fund the redemptions.

Diamondback is a Midland, Tex., oil and natural gas company.

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