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Permian Resources Corporation ("Permian Resources" or the "Company") (NYSE:PR) today announced the pricing of an underwritten public offering (the "equity offering") of an aggregate 26,500,000 shares of its Class A Common Stock, par value $0.0001 per share ("Class A common stock"), at a price to the public of $15.30 per share.
Concurrently with the equity offering, subject to market conditions, Permian Resources Operating, LLC, a subsidiary of Permian Resources (the "Issuer"), intends to offer for sale in a private placement (the "concurrent notes offering") under Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), to eligible purchasers $750.0 million in aggregate principal amount of senior unsecured notes due 2033 (the "Notes"). The Notes will be guaranteed on a senior unsecured basis by Permian Resources and all of the Issuer's subsidiaries that guarantee the Issuer's obligations under its senior secured credit facility. 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.
The Company intends to use the net proceeds it receives from the equity offering, along with a portion of the net proceeds of the concurrent notes offering, to fund a portion of the aggregate purchase price for the recently announced acquisition of oil and gas properties, interests and related assets owned by Occidental Petroleum Corporation (the "Acquisition"), which is expected to close in the third quarter of 2024, subject to customary closing conditions. The Acquisition is not contingent upon the completion of the equity offering or the concurrent notes offering. If the Acquisition is not completed, or if there are any remaining net proceeds from the equity offering following its consummation, the Company intends to use the proceeds of the equity offering for general corporate purposes, including potential future acquisitions.
Goldman Sachs & Co. LLC and Morgan Stanley are serving as the underwriters for the equity offering. The equity offering is expected to close on July 30, 2024, subject to customary closing conditions.
Posted In: PR
