Finance - Equity
Enbridge is expanding its North American pipeline network, which carries the bulk of Canadian crude oil exports to the U.S., Reuters reported.
AIMCo will initially purchase $300 million units with a commitment to purchase an additional $200 million in the future.
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are joint book-running managers for both offerings.
Oilfield services still face bankruptcy threat, but rest of industry relatively in the clear for this year.
Credit Suisse is the book-running manager.
Analysts’ report describes massive amount of maturing, expiring debt facing oilfield services sector.
The net proceeds will support general partnership purposes including debt repayment, capex and additions to working capital, as well as future acquisitions.
The proceeds will fund Flotek’s acquisition of International Polymerics Inc. and will also repay debt under the secured credit facility and support general corporate purposes.
Vinson & Elkins LLP was CWEI’s legal adviser, and Kirkland & Ellis LLP was legal adviser to Ares.
RBC Capital Markets, SunTrust Robinson Humphrey and Seaport Global Securities are joint book-running managers.
Diamondback said it will use the proceeds, together with cash on hand, to foot the $560 million bill from its recent Delaware Basin acquisition.
Founded in 2016, Sabinal is a private E&P led by Bret Jameson, formerly with Lewis Energy and Devon. The company's focus is in the Rockies, Midcontinent and Texas.