Centennial Resource Development Inc. (NASDAQ: CDEV) has priced an underwritten public offering of an aggregate of 25 million shares of Class A common stock.
The selling stockholders include Riverstone VI Centennial QB Holdings LP (14,758,369 shares), REL US Centennial Holdings LLC (4,362,317 shares), Riverstone Non-ECI USRPI AIV LP (1,071,891 shares), Silver Run Sponsor LLC (1,312,840 shares), Celero Energy Co. LP (752,315 shares), Centennial Resource Development LLC (2,128,462 shares), NGP Centennial Follow-On LLC (466,870 shares) and CP VI-A Centennial LP (146,936 shares).
Certain of the selling stockholders have also granted the underwriter a 30-day option to purchase up to an aggregate of 3.75 million additional shares of Class A common stock.
The underwriter intends to offer the shares from time to time for sale in one or more transactions on the NASDAQ Capital Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
The gross proceeds from the sale of the shares by the selling stockholders are expected to be approximately $491.3 million. The offering is expected to close on March 8, 2018, subject to customary closing conditions. Centennial will not sell any shares of Class A common stock in the offering and will not receive any proceeds therefrom.
J.P. Morgan (NYSE: JPM) is acting as the underwriter for the offering.
Recommended Reading
Pitts: US, Qatar Face off in LNG ‘Olympics’
2024-05-03 - In the LNG exporting space, the U.S. is squaring off with its fiercest competitor, Qatar, with both countries expected to outpace Australia
Chesapeake Stockpiles DUCs as Doubts Creep in Over Southwestern Deal
2024-05-02 - Chesapeake Energy is stockpiling DUCs until demand returns through growth from LNG exports, power generation and industrial activity.
WTI Delivered to East Houston Hits Highest Premium in Nearly Three Years
2024-05-01 - Oil takeaway capacity from the Permian Basin will tighten next month due to scheduled pipeline maintenance.
CPS Closes $785MM Deal for Talen Energy’s Texas NatGas Plants
2024-05-01 - CPS Energy has acquired all assets associated with the 897-MW Barney Davis and 635-MW Nueces Bay natural gas plants in Corpus Christi, Texas, and the 178-MW natural gas plant in Laredo, Texas.
Chesapeake Enters into Long-term LNG Offtake Agreement
2024-02-13 - Chesapeake Energy entered into a long-term liquefaction offtake sale and purchase agreement with Delfin LNG and Gunvor Group for a 20-year period.