Memorial Resource Development Commences Offering Of 10.25 Mln Shares

(RTTNews) - Memorial Resource Development Corp. (MRD) said that it has commenced an underwritten public offering of 10.25 million shares of its common stock. The company has also granted the underwriter an option to purchase up to 1.54 million additional shares of common stock.

The company plans to use the net proceeds from this offering, and any proceeds from the exercise of the underwriter's option to purchase additional shares, to fund a portion of the purchase price of MRD's recently announced pending acquisition of producing and non-producing properties in North Louisiana.

If MRD does not complete the pending acquisition, it will use the net proceeds from the offering for general corporate purposes, which may include repayment of a portion of the outstanding borrowings under MRD's senior secured revolving credit facility.