RSP Permian Inc. (NYSE: RSPP) has priced its private placement to eligible purchasers of $500 million aggregate principal amount of 6.625% senior unsecured notes due 2022 at par. This represents an increase of $50 million over the aggregate principal amount previously announced. The private placement is expected to close on Sept. 26.
The company intends to use the net proceeds of approximately $488.6 million to repay amounts drawn under its revolving credit facility and the balance for general corporate purposes. The notes will be guaranteed on a senior unsecured basis by the company's only existing subsidiary, RSP Permian LLC, and certain future subsidiaries.