Regency Energy Partners LP, Dallas, (Nasdaq: RGNC) reports the pricing of its public offering of $600 million aggregate principal amount of 6 7/8% senior notes due 2018. Due to favorable market conditions, the size of the offering was increased from $500 million to $600 million. Regency Energy Finance Corp., a direct subsidiary of Regency, is the co-issuer of the notes.
Regency intends to use a portion of the net proceeds to fund its tender offer for up to $357.5 million of its outstanding 8 3/8% senior notes due 2013 that was launched on Oct. 13. The remaining net proceeds will be used to reduce outstanding borrowings under its revolving credit facility and to pay fees and expenses associated with the tender offer.
BofA Merrill Lynch represents the underwriters. The sale of the notes is expected to settle on Oct. 27.
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