QR Energy (QRE) Reports Full Overallotment Exercised by Underwriters

December 11, 2012 7:33 AM EST
QR Energy, LP (NYSE: QRE), announced that the underwriters of its previously announced underwritten public offering (the "offering") of 12,000,000 common units representing limited partner interests in QRE (the "common units") have exercised in full their option to purchase an additional 1,800,000 common units (the "option units") at a price to the public of $16.24.

QR Energy expects to receive net proceeds from the offering of approximately $214.9 million, including the sale of the option units and its general partner's related capital contribution to maintain its general partner interest, and after deducting underwriting discounts and estimated offering expenses. QR Energy intends to use the net proceeds from the offering to repay borrowings outstanding under its credit facility and for general corporate purposes. The offering is expected to close on December 12, 2012, subject to customary closing conditions.

RBC Capital Markets, Barclays, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities, Raymond James, Citigroup, Credit Suisse, and Goldman, Sachs & Co. acted as joint book-running managers for the offering.

Baird, BMO Capital Markets, Janney Montgomery Scott, Oppenheimer & Co., Wunderlich Securities, Ladenburg Thalmann & Co. Inc., and MLV & Co. acted as co-managers for the offering.

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