BUZZ-Mach Natural Resources slides after equity offering unveiled

Shares of Mach Natural Resources MNR.N down 9.2% premarket to $15.60, a six-week low, after announcing follow-on

Oklahoma City-based oil and gas producer late Weds launched offering of 12 mln units

MNR said intends to use net offering proceeds to repay debt under its credit facilities

Co's PE sponsor, Bayou City Energy Management, indicated to buy $80 mln of the offering, per the SEC filing

Bayou owns ~68 mln units, about 59% of MNR, according to LSEG data

Co has ~103.5 mln units outstanding for ~$1.8 bln market cap

Stifel, Raymond James, Texas Capital Secs and Truist are jt bookrunners for the offering

MNR shares, which have fallen past four sessions, are flat YTD through Weds

Research sentiment on MNR overwhelmingly bullish with avg rating of "strong buy" among 6 analysts and median PT of $24.50 - LSEG