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Viper Energy Partners raises senior note offering to $500M

Viper Energy Partners LP upsized its recently announced offering of 5.375% senior notes due 2027 to $500 million.

The offering, scheduled to close Oct. 16, was previously sized at $400 million. The partnership priced the notes at their face value, according to an Oct. 10 news release.

The partnership expects the net proceeds from the offering to be about $492 million. The proceeds will be loaned to its subsidiary Viper Energy Partners LLC, which in turn will use them to pay off debt under its revolving credit facility.

Viper was formed by Diamondback Energy Inc. to own and acquire oil and natural gas producing properties in North America, with a main focus on the Permian Basin and the Eagle Ford Shale.