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Centennial Resource closes $855M Texas asset buy, $910M private placement

Centennial Resource Development Inc. closed its acquisition of leasehold interests and upstream assets from Silverback Exploration LLC for about $855 million, as well as a private placement of equity securities, worth about $910 million, with Riverstone Holdings LLC and other investors.

The deal with Silverback includes Centennial's assumption of Riverstone's rights to purchase the assets, which include about 35,000 net acres in Reeves County, Texas, with about 3,500 barrels of oil equivalent per day of net production.

The private placement consists of $430 million of Centennial class A shares and preferred shares issued to Riverstone and $480 million of Centennial class A shares issued to investors other than Riverstone. The shares were priced at $14.54 each. The preferred shares can be converted into class A shares, subject to approval from Centennial stockholders.

Centennial used the net proceeds from the private placement to fund its asset deal with Silverback Exploration, with the rest to be used for general corporate purposes, according to a Dec. 29 news release. In connection with the deal closing, Centennial also closed an amendment of its revolving credit facility with lenders to increase its borrowing base to $250 million from $200 million.