Mid-Con Energy Partners LP (Nasdaq:MCEP) announced that it has commenced an underwritten public offering of common units representing limited partner interests in Mid-Con Energy.
Mid-Con Energy is offering 1 million common units representing limited partner interests in the partnership. Additionally, Yorktown Energy Partners VI LP, Yorktown Energy Partners VII LP and Yorktown Energy Partners VIII LP are offering 3 million common units in the offering.
Prior to the offering, Yorktown owned an approximate 48.5% limited partner interest in Mid-Con Energy. Immediately following this offering, Yorktown will own an approximate 30.1% limited partner interest in Mid-Con Energy.
Mid-Con Energy intends to use the net proceeds from its offering to repay borrowings outstanding under its credit facility. Mid-Con Energy will not receive any proceeds from the offering of common units sold by Yorktown.
RBC Capital Markets LLC, Raymond James & Associates Inc., UBS Securities LLC and Wells Fargo Securities LLC are acting as joint book-running managers. Robert W. Baird & Co. Incorporated, Oppenheimer & Co. and Stephens Inc. are acting as co-managers for the offering.
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