Memorial Production Partners LP Announces Exercise of Underwriters' Option to Purchase Additional Common Units at $19/Unit
Memorial Production Partners LP (Nasdaq: MEMP), announced today that underwriters of its previously underwritten initial public offering of 9,000,000 common units representing limited partnership interests in MEMP, which closed on December 14, 2011, have purchased an additional 600,000 common units at a price to the public of $19.00 per unit pursuant to their over-allotment option.
Total net proceeds from the sale of these additional common units, after deducting underwriting discounts and commissions, a structuring fee and offering expenses, are approximately $10,659,000 which net proceeds MEMP intends to use to reduce outstanding borrowings under its new revolving credit facility.
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