RSP Permian to repay revolver borrowings with common stock offering

By Tali Rackner

Norfolk, Va., March 17 – RSP Permian, Inc. plans to repay all outstanding borrowings under its revolving credit facility with the proceeds from a common stock offering, according to a press release.

Proceeds will also be used for general corporate purposes, which may include funding its drilling and development program and future acquisitions.

RSP announced a public offering of 5 million shares of its common stock by the company and 4 million shares of its common stock by certain selling stockholders. There is a 30-day over-allotment option for up an additional 750,000 and 600,000 shares of the common stock, respectively, if the underwriters sell more than 9 million shares.

RSP Permian is a Dallas-based oil and gas exploration and production company.

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