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QEP plans revolver paydown with master limited partnership formation
By Sara Rosenberg
New York, Jan. 7 - QEP Resources Inc. expects to repay borrowings under its revolving credit facility using proceeds from the formation of a master limited partnership and an initial public offering of common units of that partnership, according to a news release.
Remaining proceeds will be used to fund ongoing operations and for general corporate purposes.
QEP plans to initially contribute a majority of its gathering assets in Wyoming and North Dakota to the master limited partnership. Subject to final board approval and market conditions, it will then sell a minority interest in the partnership in the initial public offering and raise $300 million to $400 million of gross proceeds.
QEP is a Denver-based natural gas and crude oil exploration and production company.
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