Concho Resources begins common stock offering

Concho Resources Inc.

Concho Resources Inc. (NYSE:CXO) intends to begin a registered public offering of 6 million shares of common stock. The company also expects to grant the underwriters an option to purchase up to 900,000 additional shares of stock.

Net proceeds from the offering are expected to be used to repay all outstanding borrowings under the company’s credit facility and for general corporate purposes, including funding the company’s three-year accelerated growth plan, capital commitments associated with the recently announced midstream joint venture, and future acquisitions.

Goldman, Sachs & Co., BofA Merrill Lynch, Barclays, and JP Morgan are acting as joint book-running managers for the offering.

 

 

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