Diamondback completes divestiture, announces $650 million redemption

By William Gullotti

Buffalo, N.Y., Oct. 21 – Diamondback Energy Inc. announced it completed its divestiture of its oil and gas assets in the Williston Basin to Oasis Petroleum Inc. and issued a redemption notice for all of its $650 million 0.9% senior notes due 2023, according to a press release Thursday.

The company will redeem the senior notes at par plus interest up to the Oct. 31 redemption date.

Payment is scheduled for Nov. 1.

The divestiture was first valued at $745 million when first announced May 3. The final net transaction totaled $511.3 million, reflecting adjustments for the $75 million deposit paid and customary purchase price adjustments to the transaction.

Diamondback is a Midland, Tex., oil and natural gas company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.