Memorial Resource Development Corp. (NASDAQ: MRD) priced an IPO of 42.8 million common shares at $19 each, the company said June 13. Out of the total amount, 21.5 million shares were offered by the company, while 21.3 million were offered by the selling stockholder, Memorial Resource noted.
All the shares were expected to begin trading the same day on NASDAQ, the company added.
The selling stockholder granted underwriters a monthlong option to purchase up to 6.4 million additional shares, Memorial Resource said.
Net proceeds, of about $382.1 million, will redeem the 10% and 10.75% senior notes due 2018, the company said. They will also pay part of an asset consideration when the offer closes, the company added, noting that credit facility borrowings will also pay this consideration. Proceeds will also reduce credit facility borrowings, the company said. No proceeds will be received from the selling stockholder, Memorial Resource said.
The offer is scheduled to close June 18, the company said.
Citigroup Inc. (NYSE: C) and Barclays are joint book-running managers, the company said. BofA Merrill Lynch, BMO Capital Markets, Goldman, Sachs & Co. (NYSE: GS), Raymond James, RBC Capital Markets and Wells Fargo Securities LLC are also book-running managers.
Houston-based Memorial Resource Development Corp. acquires and develops domestic natural gas and oil properties.
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