Diamondback Energy to repay revolver debt via add-on note proceeds

By Sarah Lizee

Olympia, Wash., Sept. 18 – Diamondback Energy, Inc. plans repay the outstanding borrowings under its revolving credit facility using proceeds from a new offering, according to a press release.

The company announced on Tuesday that plans to offer a $500 million tack-on to its 4¾% senior notes due 2024.

Proceeds from the offering may also be used for general corporate purposes, which may include funding a portion of the cash consideration for the pending acquisition of some assets from Ajax Resources, LLC.

Diamondback Energy is a Midland, Texas, oil and natural gas company.

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