Breitburn Energy Partners LP Announces Pricing of Public Offering of 14,000,000 Common Units
October 07 2014 - 8:36AM
Business Wire
Breitburn Energy Partners LP (NASDAQ:BBEP) announced today the
pricing of its public offering of 14,000,000 common units
representing limited partner interests in Breitburn (Common Units)
at a price to the public of $18.64 per Common Unit. Breitburn has
granted to the underwriters a 30-day option to purchase up to an
additional 2,100,000 Common Units to cover over-allotments. The
Common Units offering is expected to close on October 10, 2014,
subject to customary closing conditions.
Breitburn expects to receive net proceeds of approximately
$251.6 million (or approximately $289.4 million if the underwriters
exercise in full their option to purchase an additional 2,100,000
Common Units to cover over-allotments) from the offering and
intends to use the net proceeds to reduce outstanding borrowings
under its bank credit facility.
BofA Merrill Lynch, Barclays, Citigroup, Morgan Stanley, RBC
Capital Markets, UBS Investment Bank, Wells Fargo Securities,
Credit Suisse and J.P. Morgan are acting as joint book-running
managers of the Common Units offering. A copy of the prospectus
supplement and accompanying base prospectus relating to the Common
Units offering may be obtained from:
BofA Merrill LynchAttn: Prospectus Department222 BroadwayNew
York, New York 10038dg.prospectus_requests@baml.com
Barclaysc/o Broadridge Financial Solutions1155 Long Island
AvenueEdgewood, New York 11717Phone: (888)
603-5847barclaysprospectus@broadridge.com
Citigroupc/o Broadridge Financial Solutions1155 Long Island
AvenueEdgewood, New York 11717Phone: (800)
831-9146prospectus@citi.com
Morgan StanleyAttn: Prospectus Department180 Varick Street, 2nd
FloorNew York, New York 10014
RBC Capital MarketsThree World Financial Center200 Vesey Street,
8th FloorNew York, New York 10281-8098Attention: Equity
SyndicatePhone: (877) 822-4089
UBS Investment BankAttn: Prospectus Dept.299 Park AvenueNew
York, New York 10171Phone: (888) 827-7275
Wells Fargo SecuritiesAttn: Equity Syndicate Dept.375 Park
AvenueNew York, New York 10152Phone: (800)
326-5897cmclientsupport@wellsfargo.com
Credit Suissec/o Prospectus DepartmentNew York, New York
10010newyork.prospectus@credit-suisse.comToll-Free: (800)
221-1037
J.P. MorganAttn: Broadridge Financial Solutions1155 Long Island
AvenueEdgewood, New York 11717Phone: (866) 803-9204
An electronic copy of the prospectus supplement and accompanying
base prospectus may also be obtained at no charge at the Securities
and Exchange Commission’s website at www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such jurisdiction. The offering may be made only by means of a
prospectus and prospectus supplement meeting the requirements of
Section 10 of the Securities Act of 1933, as amended. The offering
will be made pursuant to an effective shelf registration statement,
as amended, which was previously filed by Breitburn with the
Securities and Exchange Commission, and a prospectus supplement and
accompanying prospectus, which will be filed by Breitburn with the
Securities and Exchange Commission.
About Breitburn Energy Partners
LP
Breitburn Energy Partners LP is a publicly traded independent
oil and gas master limited partnership focused on the acquisition,
development and production of oil and gas properties throughout the
United States. Breitburn’s producing and non-producing crude oil
and natural gas reserves are located in Michigan, Oklahoma, Texas,
Wyoming, California, Florida, Indiana and Kentucky.
Cautionary Statement Regarding
Forward-Looking Information
This press release contains forward-looking statements relating
to Breitburn’s operations that are based on management’s current
expectations, estimates and projections about its operations. Words
and phrases such as “believe,” “expect,” “future,” “impact,”
“intend,” “will be” and variations of such words and similar
expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
other factors, some of which are beyond our control and are
difficult to predict. These include risks relating to Breitburn’s
financial performance and results, availability of sufficient cash
flow and other sources of liquidity to execute our business plan,
prices and demand for natural gas and oil, increases in operating
costs, uncertainties inherent in estimating our reserves and
production, our ability to replace reserves and efficiently develop
our current reserves, political and regulatory developments
relating to taxes, derivatives and our oil and gas operations,
risks relating to our acquisitions, and the factors set forth under
the heading “Risk Factors” incorporated by reference from our
Annual Report on Form 10-K filed with the Securities and Exchange
Commission, and if applicable, our Quarterly Reports on Form 10-Q
and our Current Reports on Form 8-K. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. The reader should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. Unless legally required,
Breitburn undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise. Unpredictable or unknown factors not
discussed herein also could have material adverse effects on
forward-looking statements.
BBEP-IR
Antonio D’AmicoVice President, Investor Relations &
Government AffairsorJessica Tang, 213-225-0390Investor Relations,
Manager