BreitBurn Energy Partners Announces Pricing of Public Offering of 10M Common Units
BreitBurn Energy Partners L.P. (the “Partnership”) (NASDAQ: BBEP) announced today the pricing of its public offering of 10,000,000 common units representing limited partner interests at a price to the public of $18.51 per unit. The Partnership has granted to the underwriters a 30-day option to purchase up to an additional 1,500,000 common units from the Partnership. The offering is expected to close on September 11, 2012, subject to customary closing conditions.
The Partnership expects to receive net proceeds of approximately $177.6 million (or approximately $204.2 million if the underwriters exercise their option to purchase an additional 1,500,000 common units) from the offering and intends to use the proceeds to reduce borrowings under its bank credit facility.
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