Oasis Petroleum, an exploration and production company, said Wednesday that it has priced an upsized underwritten public offering of 32 million common shares for total gross proceeds of $409.6 million, implying a price per share of $12.80.

The company said it intends to use the net proceeds of this offering to repay outstanding borrowings under its credit facility and for general corporate purposes.

OAS granted the underwriters a 30-day option to purchase up to 4.8 million additional shares of common stock. The offering is expected to close on March 9, 2015.

The company had originally planned to sell 25 million shares, with an over allotment option of 3.75 million. Share are down 2.5% at $13.47, with a 52-week range of $10.64 – $58.09.