Alberta Investment Management Corp. (AIMCo) will purchase up to $500 million in Series B preferred units from Howard Midstream Energy Partners LLC (HEP) in a private placement, HEP said Aug. 22.
AIMCo will initially purchase $300 million units with a commitment to purchase an additional $200 million in the future. HEP will use the net proceeds to repay outstanding debt, fund capital projects and support general corporate purposes.
RBC Capital Markets and Tudor, Pickering, Holt & Co. were HEP’s financial advisers, and Latham & Watkins LLP was HEP’s legal counsel.
Evercore was AIMCo’s financial adviser, and Kirkland & Ellis LLP was AIMCo’s legal counsel.
Howard Midstream Energy Partners LLC is based in San Antonio.
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