BofA Merrill Raising $300M for Oil and Gas Private Placement

BofA Merrill Raising $300M for Oil and Gas Producer Concho Resources

Bank of America Merrill Lynch is arranging a $300 million private placement via private placement memorandum of common stock via Regulation D for Concho Resources to help finance the oil and gas producer’s acquisition of assets from privately held Marbob Energy.

Midland, Texas-based Concho is paying $1.65 billion in cash and securities via private placement for Marbob’s oil and gas properties, which are mainly located in the Permian Basin region of southeastern New Mexico. Some of Marbob’s properties are adjacent to Concho’s properties in the Permian Basin.

In the private placement, Concho is issuing 6.6 million shares of common stock priced at $45.45 each via Regulation D, reflecting a 14.7% discount to the price where Concho shares closed yesterday. The offering represents a 6.1% stake in Concho.

This is at least the second PIPE by Concho. In July 2008, the company raised $250 million in a common stock private placement offering.

Investors in the current private placement are being advised by the law firm of Vinson & Elkins. Concho didn’t immediately identify the investors.

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