NEW YORK (TheStreet) -- Shares of RSP Permian (RSPP) were falling 6.8% to $25.22 Wednesday after the oil company priced its public offering of common stock.

RSP Permian priced the 5 million shares offered by the company and 4 million shares offer by certain shareholders at $25.80 a share. The underwriters of the offering have a 30-day option to buy 750,000 additional shares from the company and 600,000 additional shares from the selling stockholders.

The company expects gross proceeds of about $129 million for the company and $103.2 million for the selling stockholders.

RSP Permian plans to use the net proceeds from the offering to repay all outstanding borrowings under its revolving credit facility and for general corporate purposes, which may include funding for its drilling and development program and any future acquisitions.

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