Concho Resources to repay credit facility with common stock proceeds

By Wendy Van Sickle

Columbus, Ohio, Sept. 30 – Concho Resources Inc. plans to repay all outstanding borrowings under its credit facility with some proceeds from a public offering of 7 million shares of common stock, according to a press release.

The company said it used the credit facility borrowings to finance recent acquisitions. It said additional proceeds from the common stock offering will be used for general corporate purposes, including potential future acquisitions.

Concho is a Midland, Texas-based oil and natural gas company.

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