Rattler Midstream LP (RTLR) Announces Proposed 33.33M Share IPO Between $16-$19/Sh

May 13, 2019 6:25 AM EDT

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Rattler Midstream LP (NASDAQ: RTLR), a subsidiary of Diamondback Energy, Inc. (NASDAQ: FANG) ("Diamondback"), and Diamondback today announced the launch of Rattler’s initial public offering of 33,333,333 common units representing limited partner interests at an anticipated initial offering price between $16.00 and $19.00 per common unit, pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the "SEC"). Rattler expects to list its common units on the NASDAQ Global Select Market under the ticker symbol "RTLR." Rattler anticipates granting the underwriters an option to purchase up to an additional 5,000,000 common units at the initial public offering price to cover over-allotments. The net proceeds from the offering will be distributed to Diamondback, in part to reimburse for certain capital expenditures.

The common units being offered represent an approximate 22% limited partner interest in Rattler (or an approximate 25% limited partner interest if the underwriters exercise in full their option to purchase additional common units). Diamondback and its subsidiaries will own the remaining approximate 78% limited partner interest in Rattler (or approximate 75% limited partner interest if the underwriters exercise in full their option to purchase additional common units) and the general partner of Rattler.

Credit Suisse, BofA Merrill Lynch, J.P. Morgan are acting as lead book-running managers, and Barclays, Citigroup, Goldman Sachs & Co. LLC and Wells Fargo Securities are also acting as joint book-running managers for the offering. Capital One Securities, Scotia Howard Weil, SunTrust Robinson Humphrey, and UBS Investment Bank are acting as senior co-managers for the offering, and Evercore ISI, Morgan Stanley, RBC Capital Markets, Simmons Energy | A Division of Piper Jaffray℠, Tudor, Pickering, Holt & Co., Raymond James, Seaport Global Securities, Northland Capital Markets, PNC Capital Markets LLC and TD Securities are acting as co-managers for the offering. The offering of these securities is being made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. When available, a copy of the prospectus may be obtained from:



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