Diamondback Energy Inc. (FANG) priced a public offering of 2.5 million common shares, the company said Aug. 12.
The offer was upsized by 500,000 shares, the company added.
Total gross proceeds will be about $175.6 million, and they will repay part of the outstanding revolving credit facility borrowings.
The underwriter was granted a monthlong option to purchase 375,000 additional shares.
The offering is scheduled to close Aug. 18.
Credit Suisse Securities (USA) LLC is the book-running manager.
Midland, Texas-based Diamondback Energy Inc. operates in the West Texas Permian Basin.
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