Pioneer Southwest Energy (PSE) Announces Pricing on 2.7M Unit Offering at $20.74/Unit
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Pioneer Southwest Energy Partners L.P. (NYSE: PSE) today announced that it has priced a public offering of 2,700,000 common units representing limited partner interests at a price to the public of $20.74 per unit. Net proceeds from the offering, which are estimated to be $53 million, will be used by Pioneer Southwest to repay amounts outstanding under its revolving credit facility. The offering is scheduled to close November 16, 2009. Pioneer Southwest also granted the underwriters a 30-day option to purchase up to an aggregate of 405,000 additional common units.
UBS Investment Bank, Citi, BofA Merrill Lynch and Wells Fargo Securities are acting as joint book-running managers and J.P. Morgan and RBC Capital Markets are acting as co-managers.
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