RSP Permian prices public offering of common stock

RSP Permian Inc. (NYSE: RSPP) has priced an underwritten public offering of 5,000,000 shares of its common stock by the company and 4,000,000 shares of its common stock by certain of the company's stockholders at $25.80 per share. Total gross proceeds will be $129 million to the company and $103.2 million to the selling stockholders.

The company and the selling stockholders have granted the underwriter a 30-day option to purchase up to 750,000 and 600,000 additional shares of the company's common stock, respectively. The offering is expected to close on March 23.

RSP Permian intends to use the net proceeds from this offering, including the proceeds from any exercise of the option to purchase additional shares of common stock, to repay all outstanding borrowings under its revolving credit facility and the balance for general corporate purposes, which may include funding its drilling and development program and future acquisitions. The company will not receive any of the proceeds from the sale of the shares of common stock by the selling stockholders. 

Barclays Capital Inc. is acting as the sole underwriter of the offering. 

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