Underwriters of a public offering of nearly 13 million shares in Mach Natural Resources LP apparently want more.
The Oklahoma City energy company announced this week that the underwriters of its previously announced public offering of 12,903,226 common units representing limited partner interests in Mach have fully exercised their option to purchase an additional 1,935,483 common units at a price to the public of $15.50 per common unit. The Option closed on February 12, 2025.
Mach intends to use the net proceeds to repay in full the approximately $23.0 million of borrowings outstanding under its super priority credit facility, and the remainder to repay a portion of its term loan credit facility. Mach expects to repay the remainder of borrowings under and terminate its term loan credit facility with cash on hand and proceeds from the credit facility it intends to enter into following the date hereof.
Stifel, Nicolaus & Company, Incorporated, Raymond James & Associates, Inc., TCBI Securities, Inc., doing business as Texas Capital Securities, 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.