Breitburn closes $1 billion strategic investment by EIG

Breitburn Energy Partners LP (NASDAQ: BBEP) has closed its private offerings of $350 million of Series B perpetual convertible preferred units and $650 million of senior secured notes to investment funds managed by EIG Global Energy Partners and other purchasers.

In addition, Breitburn has amended its credit facility to allow for the issuance of the senior notes and to establish a revised borrowing base of $1.8 billion through April 2016, subject to limited exceptions.

Breitburn expects to use the net proceeds of $930 million from the private offerings to repay borrowings under its credit facility, resulting in net borrowings, at closing, of $1.29 billion.

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