Permian Resources Prices Public Offering Of 26.50 Mln Shares At $15.30/shr

(RTTNews) - Permian Resources Corp. (PR) announced Monday the pricing of an underwritten public offering of an aggregate 26.50 million shares of its Class A Common Stock, par value $0.0001 per share, 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, intends to offer for sale in a private placement to eligible purchasers $750.0 million in aggregate principal amount of senior unsecured notes due 2033.

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 from the two offerings 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 Corp., which is expected to close in the third quarter of 2024, subject to customary closing conditions.

The Company also intends to use any other remaining proceeds of the equity offering for general corporate purposes, including potential future acquisitions.