Permian Resources Announces Secondary Offering Of 46.1 Mln Shares By Existing Investors

(RTTNews) - Permian Resources Corporation (PR) has launched an underwritten public offering of 46,112,899 shares of its Class A common stock, to be sold by affiliates of Pearl Energy Investments and Riverstone Investment Group LLC.

The company itself will not issue any shares or receive proceeds from the offering. Alongside the offering's closing, Permian Resources plans to repurchase 2 million OpCo Units from certain selling stockholders at the same price as the offering and cancel an equal number of Class C shares. The repurchase is contingent on the offering's completion, but the offering itself is not conditional on the repurchase.

Monday PR closed at $13.24, down 3.36%, and is trading after hours at $13.29, up 0.38%, on the NYSE.