Diamondback Energy (FANG) Update - May 13
Posted: Mon May 13, 2019 10:15 am
Rattler Midstream LP, a Subsidiary of Diamondback Energy, Inc., Announces Launch of Initial Public Offering for new HIGH YIELD midstream MLP
MIDLAND, Texas, May 13, 2019 (GLOBE NEWSWIRE) -- Rattler Midstream LP ("Rattler"), a subsidiary of Diamondback Energy, Inc. (Nasdaq: FANG) ("Diamondback"), and Diamondback today announced the launch of Rattler's initial public offering of 33,333,333 common units representing limited partner interests at an anticipated initial offering price between $16.00 and $19.00 per common unit, pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the "SEC"). Rattler expects to list its common units on the NASDAQ Global Select Market under the ticker symbol "RTLR." Rattler anticipates granting the underwriters an option to purchase up to an additional 5,000,000 common units at the initial public offering price to cover over-allotments. The net proceeds from the offering will be distributed to Diamondback, in part to reimburse for certain capital expenditures.
The common units being offered represent an approximate 22% limited partner interest in Rattler (or an approximate 25% limited partner interest if the underwriters exercise in full their option to purchase additional common units). Diamondback and its subsidiaries will own the remaining approximate 78% limited partner interest in Rattler (or approximate 75% limited partner interest if the underwriters exercise in full their option to purchase additional common units) and the general partner of Rattler.
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This morning (May 13)
Gabriele Sorbara at Williams Capital published a fresh report on FANG. He rates it a BUY with a valuation of $165/share.
MIDLAND, Texas, May 13, 2019 (GLOBE NEWSWIRE) -- Rattler Midstream LP ("Rattler"), a subsidiary of Diamondback Energy, Inc. (Nasdaq: FANG) ("Diamondback"), and Diamondback today announced the launch of Rattler's initial public offering of 33,333,333 common units representing limited partner interests at an anticipated initial offering price between $16.00 and $19.00 per common unit, pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the "SEC"). Rattler expects to list its common units on the NASDAQ Global Select Market under the ticker symbol "RTLR." Rattler anticipates granting the underwriters an option to purchase up to an additional 5,000,000 common units at the initial public offering price to cover over-allotments. The net proceeds from the offering will be distributed to Diamondback, in part to reimburse for certain capital expenditures.
The common units being offered represent an approximate 22% limited partner interest in Rattler (or an approximate 25% limited partner interest if the underwriters exercise in full their option to purchase additional common units). Diamondback and its subsidiaries will own the remaining approximate 78% limited partner interest in Rattler (or approximate 75% limited partner interest if the underwriters exercise in full their option to purchase additional common units) and the general partner of Rattler.
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This morning (May 13)
Gabriele Sorbara at Williams Capital published a fresh report on FANG. He rates it a BUY with a valuation of $165/share.