Akin Gump Represents Diamondback Energy in Pricing of $750 Million Tack-On Offering of Senior Notes

(Dallas) – Diamondback Energy, Inc. announced today that it has priced an offering of $750 million aggregate principal amount of its 4.750 percent senior notes due 2024 (the “New Notes”), representing a $250 million upsize from the previously announced size of the offering, at an issue price of 99.75 percent of the aggregate principal amount of the New Notes (the “Tack-On Offering”). A team from Akin Gump advised Diamondback in the offering.

The Tack-On Offering is expected to close on September 25, 2018, subject to customary closing conditions.

Diamondback intends to use the net proceeds from the Tack-On Offering to repay the outstanding borrowings under its revolving credit facility and for general corporate purposes, which may include funding a portion of the cash consideration for the pending acquisition of certain assets from Ajax Resources, LLC.

The Akin Gump team advising Diamondback in the matter was led by corporate partner Seth Molay and included debt finance partner Alan Laves, tax partner Alison Chen, corporate senior counsel Irina Maistrenko, counsel Rachel Diane Evans and associates Katie Dinett and Justin Wood, and environment and natural resources senior counsel Andrew Oelz. Akin Gump is also representing Diamondback in the Ajax transaction.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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