Vital Energy Prices Upsized Offering of Common Stock

Source: www.gulfoilandgas.com 9/14/2023, Location: North America

Vital Energy, Inc., a Delaware corporation (VTLE) (“Vital Energy”), announced the pricing of an upsized underwritten public offering of 2,750,000 shares of its common stock for total gross proceeds (before underwriters’ fees and estimated expenses) of approximately $148.5 million. The Company has also granted the underwriters a 30-day option to purchase up to 412,500 additional shares of the Company’s common stock.

The Company intends to use a portion of the net proceeds from this offering and a concurrent offering of senior notes to repay a portion of the borrowings outstanding under its senior secured credit facility and use any excess for general corporate purposes. Pending the use of the net proceeds from this offering as described above, the Company intends to use the net proceeds from this offering to make short-term liquid investments, at its discretion.

The offering is expected to close on or about September 19, 2023, subject to customary closing conditions.

BofA Securities (“BofA”), Citigroup (“Citi”) and Wells Fargo Securities, LLC (“Wells Fargo”) are acting as joint book-running managers for the offering. Mizuho and Truist Securities are also acting as joint book-running managers.

This offering is being made pursuant to an effective automatic shelf registration statement, including a prospectus and a preliminary prospectus supplement related to the offering, previously filed by the Company with the Securities and Exchange Commission (“SEC”).


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