Diamondback Energy to repay revolver debt with common stock proceeds

By Tali Rackner

Norfolk, Va., Aug. 12 – Diamondback Energy, Inc. plans to repay a portion of the outstanding borrowings under its revolving credit facility with the net proceeds from a common stock offering, according to a press release.

The company launched a public offering of 2 million shares of its common stock on Wednesday with a greenshoe for up to 300,000 more shares.

Diamondback is an independent oil and natural gas company based in Midland, Texas.

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