Concho Resources to repay all facility borrowings via stock offering

By Angela McDaniels

Tacoma, Wash., Sept. 30 – Concho Resources Inc. plans to repay all outstanding borrowings under its credit facility with the proceeds of a $712 million public offering of stock, according to a company news release.

The credit facility borrowings were used in part to finance recent acquisitions.

The stock offering is expected to close Oct. 6. Proceeds will also be used for general corporate purposes, including funding potential future acquisitions.

Concho Resources is an oil and natural gas company based in Midland, Texas.

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