AUSTIN, Texas, Jan. 10, 2017 /PRNewswire/ -- Parsley
Energy, Inc. (NYSE: PE) ("Parsley Energy" or the "Company") today
announced that it has priced an underwritten, upsized public
offering of 22,000,000 shares of Class A common stock for total
gross proceeds (before underwriters' fees and estimated expenses)
of approximately $770.0 million (the
"Equity Offering"). The 22,000,000 share offering represents a
2,000,000 share upsize to the originally proposed 20,000,000 share
offering. The underwriters have an option for 30 days to purchase
up to an additional 3,300,000 shares of Class A common stock from
the Company. The Equity Offering is expected to close on
January 16, 2017, subject to
customary closing conditions.
The Company intends to use a portion of the net proceeds of the
Equity Offering to fund the aggregate purchase price for certain
acquisitions of oil and natural gas interests in the Midland and
Southern Delaware Basins (the "Acquisitions"), and the 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 Acquisitions.
Morgan Stanley and BMO Capital Markets Corp. are acting as joint
lead bookrunners 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 www.sec.gov. Alternatively, the
joint lead 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
BMO Capital Markets Corp.
Attn: Equity Syndicate
Department
3 Times Square
New York, NY 10036
bmoprospectus@bmo.com
Telephone: 1-800-414-3627
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 and our subsequent Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. 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.
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SOURCE Parsley Energy, Inc.