Parsley Energy prices upsized initial public offering
23/05/2014 14:21
Parsley Energy, Inc. announced the pricing of its initial public offering of 50,000,000 shares of its Class A common stock at USD 18.50 per share. The shares are expected to begin trading on the New York Stock Exchange on May 23, 2014 under the ticker symbol “PE.” Parsley is offering 42,463,636 shares of its Class A common stock and the selling stockholders named in the registration statement are offering 7,536,364 shares of Parsley’s Class A common stock. Parsley has granted the underwriters a 30-day option to purchase up to an additional 7,500,000 shares from Parsley. The offering is expected to close on May 29, 2014, subject to customary closing conditions. Parsley intends to use the net proceeds of approximately USD 737.9 million to make a cash payment to certain holders of preferred interests in Parsley Energy, LLC, to repay all outstanding borrowings under its revolving credit facility, to fund the acquisition of acreage in Parsley’s Midland Basin-Core area and to fund a portion of its exploration and development program. Parsley will not receive any of the proceeds from the sale of shares of Parsley’s Class A common stock by the selling stockholders. Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are also acting as book-running managers for the offering. Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., Tudor, Pickering, Holt & Co. Securities, Inc., RBC Capital Markets, LLC, Global Hunter Securities, LLC, Macquarie Capital (USA) Inc., Scotia Capital (USA) Inc., Simmons & Company International and Stephens Inc. are acting as co-managers for the offering
23/05/2014 14:21
Parsley Energy, Inc. announced the pricing of its initial public offering of 50,000,000 shares of its Class A common stock at USD 18.50 per share. The shares are expected to begin trading on the New York Stock Exchange on May 23, 2014 under the ticker symbol “PE.” Parsley is offering 42,463,636 shares of its Class A common stock and the selling stockholders named in the registration statement are offering 7,536,364 shares of Parsley’s Class A common stock. Parsley has granted the underwriters a 30-day option to purchase up to an additional 7,500,000 shares from Parsley. The offering is expected to close on May 29, 2014, subject to customary closing conditions. Parsley intends to use the net proceeds of approximately USD 737.9 million to make a cash payment to certain holders of preferred interests in Parsley Energy, LLC, to repay all outstanding borrowings under its revolving credit facility, to fund the acquisition of acreage in Parsley’s Midland Basin-Core area and to fund a portion of its exploration and development program. Parsley will not receive any of the proceeds from the sale of shares of Parsley’s Class A common stock by the selling stockholders. Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are also acting as book-running managers for the offering. Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., Tudor, Pickering, Holt & Co. Securities, Inc., RBC Capital Markets, LLC, Global Hunter Securities, LLC, Macquarie Capital (USA) Inc., Scotia Capital (USA) Inc., Simmons & Company International and Stephens Inc. are acting as co-managers for the offering
