Diamondback Launches Viper Energy Partners' IPO Of 5 Mln Units - Quick Facts

(RTTNews) - Diamondback Energy, Inc.'s (FANG) unit, Viper Energy Partners LP, and Diamondback announced the launch of Viper's initial public offering or IPO of 5 million common units representing limited partner interests. Viper would list its common units on the NASDAQ Global Select Market under the symbol "VNOM."

The underwriters are expected to be granted an option to buy up to an additional 0.75 million common units at the IPO price to cover over-allotments. The net proceeds from the offering would be distributed to Diamondback.

The common units that are offered represent around 7% limited partner interest in Viper or an approximate 8% limited partner interest if the underwriters exercise in full their option to purchase additional common units. Diamondback would hold the remaining 93% limited partner stake in Viper or about 92% limited partner interest if the underwriters exercise in full their option to purchase additional common units and the general partner of Viper.

Barclays, Credit Suisse and Wells Fargo Securities are acting as joint book-running managers for the offering.