Parsley Energy, Inc. (NYSE: PE) (“Parsley Energy” or the “Company”)
today announced that it has priced an underwritten, upsized public
offering of 18,250,000 shares of Class A common stock for total gross
proceeds (before underwriters’ fees and estimated expenses) of
approximately $390.6 million. The 18,250,000 share offering represents a
2,250,000 share upsize to the originally proposed 16,000,000 share
offering. The underwriters have an option for 30 days to purchase up to
an additional 2,737,500 shares of Class A common stock from the Company.
The offering is expected to close on April 8, 2016, subject to customary
closing conditions.
Parsley Energy intends to use the net proceeds of the offering to fund
the aggregate purchase price for the acquisitions of oil and gas
interests in the Southern Delaware and Midland Basins (the
“Acquisitions”) the Company announced today. The remaining net proceeds
will be used to fund a portion of the Company’s capital program and for
general corporate purposes, including future acquisitions. The offering
is not conditioned on the consummation of the Acquisitions.
Morgan Stanley & Co. LLC and Raymond James & Associates, Inc. are acting
as joint bookrunners for the offering.
The 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 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 www.sec.gov.
Alternatively, the joint bookrunners will arrange to send you the
preliminary prospectus supplement and related base prospectus if you
request them by contacting:
Morgan Stanley & Co. LLC
Attn: Prospectus Department
180
Varick Street, 2nd Floor
New York, NY 10014
Raymond James & Associates, Inc.
Attn: Equity Syndicate
880
Carillon Parkway
St. Petersburg, Florida 33716
This press release is neither an offer to sell nor a solicitation of an
offer to buy any securities, nor shall there be any sale of any such
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Parsley Energy, Inc.
Parsley Energy, Inc. is an independent oil and natural gas company
focused on the acquisition and development of unconventional oil and
natural gas reserves in the Permian Basin in West Texas.
Forward-Looking Statements
Certain statements contained in this news release constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements represent Parsley Energy’s expectations or beliefs concerning
future events, and it is possible that the results described in this
news release will not be achieved. These forward-looking statements are
subject to risks, uncertainties and other factors, many of which are
outside of Parsley Energy’s control, which could cause actual results to
differ materially from the results discussed in the forward-looking
statements. Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, Parsley Energy does
not undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. New factors emerge from time to time, and it is not possible
for Parsley Energy to predict all such factors. When considering these
forward-looking statements, you should keep in mind the risk factors and
other cautionary statements found in our filings with the SEC,
including, but not limited to, our Annual Report on Form 10-K for the
year ended December 31, 2015. The risk factors and other factors noted
in our SEC filings could cause our actual results to differ materially
from those contained in any forward-looking statement.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160404006712/en/
Copyright Business Wire 2016