Diamondback Energy Prices Upsized Secondary Offering Of 12.77 Mln Shares

(RTTNews) - Diamondback Energy, Inc. (FANG), an oil and gas company, said on Friday that it has priced an upsized underwritten secondary public offering of 12.77 million shares by certain Legacy Endeavor stockholder for gross proceeds of around $2.2 billion.

Diamondback will not receive any proceeds from this sale of the shares, which is scheduled to be closed on September 23.

The sellers of the shares have also granted the underwriters a 30-day option to purchase up to an additional 1.615 million shares.

In addition, Diamondback has agreed to purchase from the underwriters 2 million shares under the its existing share repurchase.

Diamondback plans to fund the share repurchase by cash on hand.