Diamondback Energy Prices 1.75 Mln Common Stock Offering

(RTTNews) - Diamondback Energy, Inc. (FANG) said it has priced an underwritten public offering of 1.75 million shares of its common stock.

The company expects total gross proceeds of the offering, before underwriter's discounts and commissions and estimated offering expenses, to be about $106 million. The underwriter has an option to purchase up to an additional 262,500 shares of common stock from Diamondback.

Diamondback plans to use the net proceeds from this offering to repay a portion of the outstanding borrowings under its revolving credit facility. The offering is expected to close on January 26, 2015, subject to customary closing conditions.

Credit Suisse Securities (USA) LLC is acting as sole book-running manager for the offering.