Azure Midstream Partners LP opened a public offering of 3.5 million common units representing limited partner interests, the company said June 16.
Underwriters were granted a monthlong option to purchase 525,000 additional units.
Net proceeds will repay some of the outstanding revolving credit facility borrowings. These may be reborrowed to fund the capital program, acquisitions and general partnership purposes.
Additional midstream assets will be available for acquisition during the second half of this year. Azure Midstream Energy LLC advised Azure Midstream Partners that it had right of first offer, the company added. These assets might include portions of Azure Midstream Energy's Holly or Center systems, covering about 439,000 acres. These systems provide natural gas gathering, compression, treating and processing services in North Louisiana and East Texas in the Haynesville and Bossier shales and the Cotton Valley Formation.
Azure Midstream Energy has not finalized which assets it will offer, nor any offering terms.
BofA Merrill Lynch, J.P. Morgan, RBC Capital Markets and Wells Fargo Securities LLC are joint book-running managers. Baird, Stifel, Janney Montgomery Scott and Oppenheimer & Co. are co-managers.
Azure Midstream Partners LP is an MLP based in Dallas.
Recommended Reading
US Drillers Add Oil, Gas Rigs for First Time in Five Weeks
2024-04-19 - The oil and gas rig count, an early indicator of future output, rose by two to 619 in the week to April 19.
Strike Energy Updates 3D Seismic Acquisition in Perth Basin
2024-04-19 - Strike Energy completed its 3D seismic acquisition of Ocean Hill on schedule and under budget, the company said.
Santos’ Pikka Phase 1 in Alaska to Deliver First Oil by 2026
2024-04-18 - Australia's Santos expects first oil to flow from the 80,000 bbl/d Pikka Phase 1 project in Alaska by 2026, diversifying Santos' portfolio and reducing geographic concentration risk.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
Vår Energi Hits Oil with Ringhorne North
2024-04-17 - Vår Energi’s North Sea discovery de-risks drilling prospects in the area and could be tied back to Balder area infrastructure.