By Sheri Kasprzak
New York, April 2 - Eagle Rock Energy Partners, LP intends to raise $127.5 million from a private placement of common units as part of its acquisition of Laser Midstream Energy, LP.
The offering includes up to 7,005,495 units. The exact price per unit could not be determined by press time Monday.
The investors include GPS Partners LLC, Lehman Brothers MLP Partners LP, RCH Energy MLP Fund LP, New Mountain Vantage and Zimmer Lucas Partners, LLC.
Proceeds will be used to pay the cash portion of the acquisition, which is expected to cost $136.8 million.
Also, Eagle Rock received $100 million in additional commitments to increase its current revolving credit facility to $175 million.
Houston-based Eagle Rock operates oil and natural gas pipelines.
| Issuer: | Eagle Rock Energy Partners, LP
|
| Issue: | Common units
|
| Amount: | $127.5 million
|
| Units: | 7,005,495
|
| Warrants: | No
|
| Investors: | GPS Partners LLC; Lehman Brothers MLP Partners LP; RCH Energy MLP Fund LP; New Mountain Vantage; Zimmer Lucas Partners, LLC
|
| Announcement date: | April 2
|
| Stock symbol: | Nasdaq: EROC
|
| Stock price: | $21.15 at close April 2
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
