Rattler Midstream LP (RTLR) IPO Opens Modestly Higher (FANG)

May 23, 2019 11:12 AM EDT

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Today's IPO for Rattler Midstream LP (NASDAQ: RTLR), a subsidiary of Diamondback Energy, Inc. (Nasdaq: FANG), and opened for trading at $18.06 after pricing 38,000,000 common units representing limited partner interests at $17.50 per common unit.

In addition, Rattler has granted the underwriters a 30-day option to purchase up to an additional 5,700,000 common units at the initial public offering price.

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‚Ą†, 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.

Rattler Midstream LP is a growth-oriented Delaware limited partnership formed in July 2018 by Diamondback Energy, Inc. to own, operate, develop and acquire midstream infrastructure assets in the Midland and Delaware Basins of the Permian Basin. Rattler provides crude oil, natural gas and water-related midstream services (including fresh water sourcing and transportation and saltwater gathering and disposal) to Diamondback under long-term, fixed-fee contracts.

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