Memorial Production Partners Prices 14.5M Unit IPO at $19.90/Unit
Memorial Production Partners LP (Nasdaq: MEMP) announced today the pricing of its public offering of 14,500,000 common units representing limited partner interests in MEMP at a price to the public of $19.90 per unit. MEMP has granted the underwriters a 30-day option to purchase up to an additional 2,175,000 common units. The offering is expected to close on October 8, 2013, subject to customary closing conditions.
MEMP intends to use the net proceeds from the offering, including its general partner's proportionate capital contribution and after deducting underwriting discounts but before offering expenses, of approximately $277.6 million (or approximately $319.2 million if the underwriters exercise their option to purchase additional units in full) to repay a portion of the outstanding borrowings under its revolving credit facility.
BofA Merrill Lynch, Barclays, Citigroup, Goldman, Sachs & Co., J.P. Morgan, Raymond James, RBC Capital Markets, UBS Investment Bank, and Wells Fargo Securities are acting as joint book-running managers for the offering. Oppenheimer, Sanders Morris Harris, MLV & Co., and Wunderlich Securities are acting as co-managers for the offering.