Sanchez Production Partners (SPP) Announces 8.82M Units Offering
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Sanchez Production Partners LP (NYSE: SPP) announced that it has commenced an underwritten public offering of 8,823,529 common units representing limited partner interests in SPP, at an anticipated public offering price between $16.00 and $18.00 per common unit, pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the “SEC”). SPP expects to grant the underwriters a 30-day option to purchase up to an additional 1,323,530 common units at the public offering price. SPP intends to use the net proceeds received in connection with the offering as follows: (i) approximately $80 million to acquire a 50% equity interest in Carnero Processing, LLC (“Carnero Processing”) from Sanchez Energy Corporation (NYSE: SN) (“Sanchez Energy”); (ii) approximately $24.9 million to pay the purchase price, after normal and customary adjustments, for certain wellbores and escalating working interests and other production assets that SPP intends to acquire from Sanchez Energy; and (iii) the remaining net proceeds to repay borrowings outstanding under the Partnership’s credit facility (including borrowings that may result from the Partnership’s letters of credit, if any).
Citigroup, RBC Capital Markets, BofA Merrill Lynch and Johnson Rice & Company L.L.C. are acting as the joint book-running managers for the offering and Johnson Rice & Company L.L.C. is acting as the structuring agent. Seaport Global Securities, Stephens Inc. and Tudor, Pickering, Holt & Co. are acting as the co-managers for this offering. The offering is being made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933. When available, a copy of the preliminary prospectus may be obtained from:
|Citigroupc/o Broadridge Financial Solutions1155 Long Island AvenueEdgewood, NY 11717Phone: (800) 831-9146||RBC Capital Markets200 Vesey Street, 8th FloorNew York, NY 10281-8098Attention: Equity SyndicatePhone: (877) 822-4089Email: firstname.lastname@example.org|
|BofA Merrill LynchNC1-004-03-43200 North College Street, 3rd FloorCharlotte, NC 28255-0001Attention: Prospectus DepartmentEmail: email@example.com||Johnson Rice & Company L.L.C.639 Loyola Avenue, Suite 2775New Orleans, LA 70113Attention: Syndicate DepartmentPhone: (800) 443-5924|
When available, to obtain a copy of the preliminary prospectus free of charge, visit the SEC’s website at www.sec.gov.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Third-Party Said Interested in PrivateBancorp (PVTB) as CIBC (CM) Deal is Delayed
- McDonald's (MCD) Director Walter Massey to Retire
- Corvex Management Cuts Signet Jewelers (SIG) Stake in Half
Create E-mail Alert Related CategoriesEquity Offerings
Related EntitiesCiti, Merrill Lynch, Bank of America, RBC Capital, Johnson Rice, Stephens Inc., S1, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!