BreitBurn Energy Partners LP (NASDAQ: BBEP) priced a public offering of 7 million cumulative redeemable perpetual preferred units, the company said May 14.
The 8.25% series A units were offered at $25 each, the company added. An underwriters’ monthlong option to purchase an additional 1 million series A units was offered, the company noted.
Net proceeds of about $169.1 million will reduce outstanding credit facility borrowings, the company said. Proceeds could be as high as $193.3 million if the underwriters’ option is exercised, the company noted.
The offer is scheduled to close May 21, Breitburn said.
Morgan Stanley (NYSE: MS), UBS Investment Bank, Wells Fargo Securities LLC and MLV & Co. are joint book-running managers, the company said.
Los Angeles-based Breitburn Energy Partners LP is an MLP that acquires, develops and produces domestic oil and natural gas.
Recommended Reading
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.
SLB’s ChampionX Acquisition Key to Production Recovery Market
2024-04-21 - During a quarterly earnings call, SLB CEO Olivier Le Peuch highlighted the production recovery market as a key part of the company’s growth strategy.
PHX Minerals’ Borrowing Base Reaffirmed
2024-04-19 - PHX Minerals said the company’s credit facility was extended through Sept. 1, 2028.