BreitBurn Energy Partners LP (NASDAQ: BBEP) priced a public offering of 7 million cumulative redeemable perpetual preferred units, the company said May 14.
The 8.25% series A units were offered at $25 each, the company added. An underwriters’ monthlong option to purchase an additional 1 million series A units was offered, the company noted.
Net proceeds of about $169.1 million will reduce outstanding credit facility borrowings, the company said. Proceeds could be as high as $193.3 million if the underwriters’ option is exercised, the company noted.
The offer is scheduled ...