Finance - Equity
The MLP and its private equity backer Quantum Energy team up for acquisitions in a distressed market, but A&D may not kick into high gear until second-half 2015.
Houston-based Black Stone, which owns domestic oil and natural gas mineral interests, would contribute its mineral, royalty and working interests to an MLP.
The offer of about 3.5 million common shares is scheduled to close March 23.
Selling stockholders offered shares for which RSP Permian will not receive proceeds.
Net proceeds of about $204.7 million will repay revolving credit facility borrowings and support general corporate purposes, the company said.
U.S. Treasuries and other global financial assets benefited from the last decade’s rising oil prices; now, exporters use them to hedge the drop in their oil income, Reuters said.
Moda was formed in early 2015 and its four founding partners previously were members of the executive team at Oiltanking North America LLC and Oiltanking Partners LP.
On April 6, the proceeds will redeem US$700 million in long-term debt that matures in 2017 and CA$750 million in long-term debt that matures in 2018.
Net proceeds of about $292.3 million will repay some credit facility borrowings and support general corporate purposes.
Johnson Rice & Co. LLC and Scotia Howard Weil are joint book-running managers.
The commitment came from private-equity fund NGP Natural Resources XI, oil and gas investment manager Old Ironsides Energy LLC, and Axia Energy II's management.