Finance - Equity
Rover, based in Dallas, will pursue a strategy of acquisition and development of conventional oil assets in North America. The company will concentrate on opportunities within the Texas and Oklahoma region.
As adjusted for the split, the amount of units was reduced to about 68.6 million outstanding, down from about 685.5 million; the $1.93 unit price was adjusted to $19.30 per unit.
The registered direct offering will not have an underwriter or placement agent. Net proceeds will support working capital and general corporate purposes. Offering is scheduled to close Nov. 25.
The offer will not be subject to a financing condition, will contain limited and customary conditions and will expire on Dec. 29 unless withdrawn or extended.
Gross proceeds totaled about CA$460 million. Net proceeds will support capex associated with the CA$6.5 billion suite of secured growth projects, debt payments and general corporate purposes.
Noble Midstream will continue to evaluate the timing for the proposed offering as market conditions develop, the company said.
REP II will support buyout and growth capital investments of $25 million to $100 million in industries that include the energy sector.
Fund supports acquisition and development of domestic onshore oil and natural gas assets with asymmetric returns. Concurrent with final closing of the fund, Aethon fully invested the capital it raised.
Of 37 oil and gas producers tracked by Reuters that hold credit lines backed by their reserves, 15 had credit reduced, seven saw an increase and 12 saw no change.
Mini-tender offers aren’t subject to many investor protections given to larger tender offers, including filing of disclosure and other tender offer documents with Securities and Exchange Commission and other procedures.
Repurchases will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. Program will run through June 30, 2016
The company, which is buying MarkWest through its pipeline unit, MPLX LP, will now offer $5.21 per unit in cash, up from the $3.37 it offered in July, Reuters reported.