MIDLAND, Texas, May 18, 2020 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ:FANG)  announced today that it has priced an offering of $500 million of 4.75% senior notes that will mature on May 31, 2025. The price to the public for the Notes is 100% of the principal amount.

Diamondback intends to use the net proceeds from the offering (i) to make an equity contribution to Energen Corporation, Diamondback’s wholly-owned subsidiary (“Energen”), which Energen plans to use to purchase its 4.625% Senior Notes due 2021 (the “4.625% Energen Notes”) that are tendered pursuant to a tender offer by Energen for all of the outstanding 4.625% Energen Notes (the “Tender Offer”) and to pay the premium therefor and accrued and unpaid interest thereon and to pay fees and expenses of the Tender Offer, (ii) to repay a portion of the outstanding borrowings under the revolving credit facility of Diamondback O&G LLC, Diamondback’s wholly-owned subsidiary, and (iii) for general corporate purposes. The offering is expected to close on May 26, 2020, subject to customary closing conditions. The offering of the Notes is not contingent on the closing of the Tender Offer.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.