Akin Gump Advises Diamondback Unit Rattler Midstream in IPO
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(Dallas) – Rattler Midstream LP, a subsidiary of Diamondback Energy, Inc., and Diamondback have announced the closing of Rattler’s initial public offering (IPO) of 43,700,000 common units (including 5,700,000 common units issued pursuant to an over-allotment option to purchase additional common units granted to the underwriters) representing limited partner interests at a price to the public of $17.50 per common unit. A team from Akin Gump advised Rattler in the offering.
The total gross proceeds from the IPO, including the over-allotment option, were $764.8 million (before underwriters’ discounts and commissions and estimated offering expenses). The net proceeds from the offering of approximately $721.3 million will be distributed to Diamondback, in part to reimburse it for certain capital expenditures.
The common units began trading on the Nasdaq Global Select Market on May 23 under the ticker symbol “RTLR.”
Akin Gump partners Seth Molay and John Goodgame led the team advising Rattler. They were joined by counsel Cynthia Mabry, Cynthia Angel, Paul Monsour and Chase Armbrust and associate Kevin Schott; and tax partners Alison Chen and Jocelyn Tau.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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