BreitBurn offers Series A preferred units

BreitBurn Energy Partners LP

BreitBurn Energy Partners LP (NASDAQ:BBEP) has priced a public offering of 7.0 million 8.25% Series A cumulative redeemable perpetual preferred units of the Partnership at a price to the public of $25.00 per unit. The Partnership has granted the underwriters a 30-day option to purchase up to an additional 1.0 million Series A preferred units.

Distributions will be payable on the Series A preferred units at a rate of 8.25% per annum of the stated liquidation preference of $25.00. The offering is expected to close on May 21.

The Partnership expects to receive net proceeds of approximately $169.1 million (or approximately $193.3 million if the underwriters exercise in full their option to purchase an additional 1.0 million Series A preferred units) and intends to use the net proceeds from the offering to reduce outstanding borrowings under its bank credit facility.

Morgan Stanley, UBS Investment Bank, Wells Fargo Securities, and MLV & Co. acted as joint book-running managers of the offering.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...