Mach Natural Resources LP put a price tag on its public offering of more than 7 million shares, a move designed to raise funds for the company’s recent acquisition of assets in the Anadarko Basin and plans to make more such acquisitions.
The firm announced the pricing of its public offering of 7,272,728 common units representing limited partner interests in Mach at a price to the public of $16.50 per common unit.
The Oklahoma City-based company has granted the underwriters an option to purchase up to an additional 1,090,909 common units at the public offering price, less underwriting discounts and commissions.
Mach intends to use the net proceeds from the Offering to fund its two pending acquisitions of certain oil and gas assets located in the Ardmore Basin of Oklahoma and the Anadarko Basin of Kansas and Oklahoma, and for general partnership purposes which may include future acquisitions. Mach’s common units trade on the New York Stock Exchange under the ticker symbol “MNR.” The Offering is expected to close on September 9, 2024, subject to customary closing conditions.
Mach expects to receive net proceeds of approximately $112.9 million, after deducting underwriting discounts and commissions and estimated offering expenses and excluding any exercise of the underwriters’ option to purchase additional common units. Mach intends to use the net proceeds to fund pending acquisitions and for general partnership purposes, which may include future acquisitions.
Raymond James & Associates, Inc., Stifel, Nicolaus & Company, Incorporated and Truist Securities, Inc. are acting as joint book-running managers for the Offering. Johnson Rice & Company L.L.C. and Stephens Inc. are serving as co-managers for the Offering.
Source: Business Wire
