Parsley Energy (PE) Prices Larger 7.25M Stock Offering for Proceeds of ~$243M

August 16, 2016 5:52 AM EDT

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Parsley Energy, Inc. (NYSE: PE) announced that it has priced an underwritten, upsized public offering of 7,250,000 shares of Class A common stock for total gross proceeds (before underwriters' fees and estimated expenses) of approximately $243.2 million (the "Equity Offering"). The 7,250,000 million share offering represents a 250,000 share upsize to the originally proposed 7,000,000 share offering. The underwriters have an option for 30 days to purchase up to an additional 1,087,500 shares of Class A common stock from the Company. The Equity Offering is expected to close on August 19, 2016, subject to customary closing conditions.

Concurrently with the Equity Offering, Parsley Energy, LLC and Parsley Finance Corp., the Company's consolidated subsidiaries, intend to offer to qualified institutional buyers and non-U.S. persons outside of the U.S., in an offering exempt from registration under the Securities Act of 1933, as amended, an additional $200.0 million aggregate principal amount of their 6.250% senior notes due 2024 (the "Concurrent Notes Offering"). The Company does not guarantee the senior notes. The Equity Offering is not conditioned on the consummation of the Concurrent Notes Offering, and the Concurrent Notes Offering is not conditioned on the consummation of the Equity Offering.

Together with the net proceeds from the Concurrent Notes Offering, the Company intends to use the net proceeds of the Equity Offering to fund the aggregate purchase price for the acquisition of oil and gas interests in Glasscock County, Texas (the "Acquisition"), and any remaining net proceeds will be used to fund a portion of the Company's capital program and for general corporate purposes, including potential future acquisitions. The Equity Offering is not conditioned on the consummation of the Acquisition.

J.P. Morgan Securities LLC is acting as sole lead bookrunner for the Equity Offering.

The Equity Offering is being made pursuant to an effective shelf registration statement, which has been filed with the Securities and Exchange Commission (the "SEC") and became effective June 5, 2015. The Equity Offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the SEC's website at Alternatively, the sole lead bookrunner will arrange to send you the preliminary prospectus supplement and related base prospectus if you request them by contacting:

J.P. Morgan via Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, New York, 11717 Telephone: (866) 803-9204 E-mail:

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