Memorial Resource Development Prices IPO At $19.00 Per Share - Quick Facts

(RTTNews) - Memorial Resource Development Corp. (MRD) announced that it has priced its initial public offering of 42.80 million shares of its common stock at $19.00 per share.

The shares are expected to begin trading today on the Nasdaq Global Market under the ticker symbol "MRD."

The company is offering 21.50 million shares of its common stock, and the selling stockholder named in the registration statement is offering 21.30 million shares of the Company's common stock.

In addition, the selling stockholder has granted the underwriters a 30-day option to purchase up to an additional 6.42 million shares of the Company's common stock at the initial public offering price.

The offering is expected to close on June 18, 2014, subject to customary closing conditions.

The company intends to use the net proceeds of approximately $382.1 million from this offering to redeem its 10.00% / 10.75% Senior PIK Toggle Notes due 2018 in their entirety and to pay any applicable premium in connection with such redemption and accrued and unpaid interest, if any, to the date of redemption, and, together with borrowings under the Company's new revolving credit facility, to pay a portion of the consideration for certain assets being contributed to the Company at the closing of the offering, to repay outstanding borrowings under its subsidiary's existing credit agreements and to pay for fees and expenses associated with the Company's new revolving credit facility.

The company noted that it will not receive any proceeds from the sale of the shares by the selling stockholder.