BUZZ-Mach Natural Resources slides after equity offering priced

Updates with pricing details

Mach Natural Resources MNR.N shares down 8.4% at $15.74 early Thurs, a six-week low, after follow-on priced

Oklahoma City-based oil and gas producer announced ~12.9 mln units at $15.50 for ~$200 mln gross raise

Offering size boosted from 12 mln units, priced at 9.8% discount to last close

MNR said intends to use net offering proceeds to repay debt under 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

Prior to offering, co had ~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 falling for 5th straight session. They closed at $17 a year ago

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