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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, then upsized and priced it after the close.
At its final size of 2.5 million shares, gross proceeds are $175.6 million. There is a greenshoe for a further 375,000 shares.
Diamondback is an independent oil and natural gas company based in Midland, Texas.
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