other material
confidence high
sentiment neutral
materiality 0.70
Diamondback Energy completes secondary offering of 14.4M shares and repurchases 2M shares from underwriters
Diamondback Energy, Inc.
- Diamondback Energy (FANG) completed a secondary offering of 14,385,500 shares by Legacy Endeavor Stockholders, generating ~$2.2 billion in gross proceeds.
- The company repurchased 2,000,000 shares from underwriters at the offering price using existing cash, part of its share repurchase program.
- Evercore ISI, Citigroup, and J.P. Morgan acted as joint book-running managers for the offering.
- Diamondback received no proceeds from the secondary sale; selling stockholders received all proceeds.
- The offering was upsized from 11,270,000 shares to 12,770,000 shares, with full exercise of underwriters' option for 1,615,500 shares.