Permian Resources Prices Public Offering Of 26.5M Shares Of Class A Common Stock At A Price Of $15.30/Share
Portfolio Pulse from Benzinga Newsdesk
Permian Resources Corporation (NYSE: PR) has announced the pricing of a public offering of 26.5 million shares of Class A Common Stock at $15.30 per share. Concurrently, its subsidiary plans to offer $750 million in senior unsecured notes. The proceeds will be used to fund a recent acquisition of oil and gas properties from Occidental Petroleum Corporation, expected to close in Q3 2024.
July 29, 2024 | 1:29 pm
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Permian Resources has priced a public offering of 26.5 million shares at $15.30 per share and plans a $750 million notes offering. The proceeds will fund an acquisition from Occidental Petroleum.
The equity offering and notes offering are significant financial moves aimed at funding a major acquisition. This could positively impact the stock price in the short term as it shows strategic growth and expansion.
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