Viper Energy, Inc. (NASDAQ: VNOM) has just announced the pricing of an upsized class A common stock offering. The company will be offering 10,000,000 shares of its class A common stock at a price of $42.50 per share, representing a 1,500,000 share upsize from the originally proposed offering. This upsized offering is expected to generate approximately $413.7 million in net proceeds for Viper, or $475.9 million if the underwriters exercise their option in full.
Viper intends to use the net proceeds from this offering, in addition to cash on hand and borrowings under its revolving credit facility, to fund a portion of the cash consideration for its pending acquisition of certain mineral and royalty-interest owning subsidiaries of Tumbleweed Royalty IV, LLC.
The primary offering is set to close on September 13, 2024, subject to customary closing conditions, with Goldman Sachs & Co. LLC, BofA Securities, and Truist Securities acting as joint book-running managers for the offering.
This announcement comes as Viper Energy, Inc. continues to focus on owning and acquiring mineral and royalty interests in oil and natural gas properties primarily in the Permian Basin. Today the company's shares have moved -0.9% to a price of $42.97. If you want to know more, read the company's complete 8-K report here.
