Breitburn Energy plans to sell $400 million 8.5-year notes Wednesday

By Paul A. Harris

Portland, Ore., Oct. 8 – Breitburn Energy Partners LP and Breitburn Finance Corp. are expected to price a $400 million offering of 8.5-year senior notes (expected ratings B3/B-) on Wednesday trailing a late-morning conference call with investors, according to a syndicate source.

Citigroup Global Markets Inc. is the left bookrunner for the public offering. BMO Securities, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, RBC Capital Markets, RBS Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The notes come with three years of call protection and feature a three-year 35% equity clawback and a 101% poison put.

The Los-Angeles-based limited partnership plans to use the proceeds to pay down its revolver.

Breitburn Energy Partners is focused on the acquisition, exploitation and development of oil and gas properties.

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