Oasis Petroleum Inc. (NYSE: OAS) has priced an upsized underwritten public offering of 32,000,000 shares of common stock for total gross proceeds (before the underwriter's discounts and commissions and estimated offering expenses) of approximately $409.6 million.
Oasis intends to use the net proceeds of this offering to repay outstanding borrowings under its credit facility and for general corporate purposes. Oasis granted the underwriters a 30-day option to purchase up to 4,800,000 additional shares of common stock. The offering is expected to close on March 9.
Credit Suisse Securities (USA) LLC and JP Morgan Securities LLC are acting as book-running managers for the offering.
Entities affiliated with SPO Advisory Corp. have agreed to purchase an aggregate of 8,000,000 shares of the common stock offered in the offering at the price offered to the public.