Finance - Equity
The buyback has no fixed expiration. Payments will support working capital. Robert Herlin, CEO, said the company’s planned 2016 cash flow will support NGL plant in Louisiana’s Delhi Field.
Summit Midstream Partners LP said May 28 that underwriters exercised and closed their option to purchase 975,000 additional notes in 6.5 million common units offering that closed May 13.
Riverstone Global Energy and Power Fund VI will commit $67 million and Riverstone Energy Ltd. will commit $33 million. Carrier II is based in Sugar Land, Texas.
Crescent Point Energy Corp. will buy Legacy Oil & Gas Inc. for CA$563 million (US$453 million) in shares, Bloomberg said. Crescent will gain about 22,000 barrels of oil equivalent daily.
Common units will list on NASDAQ under ticker “PTXP.” PennTex Midstream Partners LLC and MRD WHR LA Midstream LLC will own 40.4% and 27.0%, respectively, of the limited partner interests.
TRP Energy LLC develops nonoperated working interests in domestic onshore plays. It’s led by CEO Trent Foltz and President Randy Dolan, who previously led J.P. Morgan’s technical upstream A&D practice.
While M&A activity has slowed in the energy sector, private equity is finding new ways to invest until it picks up again.
Net proceeds will repay outstanding credit facility debt that was incurred to support open market buybacks of Linn and Berry's senior notes. Underwriters can purchase 2.4 million additional units.
SandRidge Energy Inc. swapped shares for two classes of notes held by single investor. Holder will receive stock for combined $50 million of 7.5% notes and 8.125% notes, Bloomberg said.
About $2.7 million of net proceeds will support additional Denver-Julesburg Basin leasehold rights, fund working capital and support general corporate purposes. Offering is scheduled to settle and close May 18.
Affiliates of Metalmark Capital LLC will receive $50 million proceeds from the offering of 5 million Class A common shares, priced at $10 each, which they own as selling stockholders.
NGP Rice Holdings LLC, which owns the shares, will receive all $145.2 million in proceeds. Goldman Sachs & Co. and Citigroup are joint book-running managers.