Deal's proceeds fund repayment of debt under revolving credit facility
By Devika Patel
Knoxville, Tenn., April 23 - New Source Energy Partners LP said it priced a $69.75 million public sale of common units with a $10.46 million greenshoe. The offering was announced on Tuesday.
The company will sell 3 million common units at $23.25 per unit. The offering price is a 6.4% discount to the April 22 closing share price of $24.84.
Robert W. Baird & Co., Stifel Nicolaus & Co. Inc., Oppenheimer & Co. and BMO Capital Markets are the joint bookrunning managers.
Settlement is expected April 29.
Proceeds will be used to repay debt under the company's revolving credit facility.
Based in Oklahoma City, New Source Energy is an oil and natural gas explorer.
| Issuer: | New Source Energy Partners LP
|
| Issue: | Common units
|
| Amount: | $69.75 million
|
| Greenshoe: | $10,462,500
|
| Units: | 3 million
|
| Price: | $23.25
|
| Warrants: | No
|
| Bookrunners: | Robert W. Baird & Co., Stifel Nicolaus & Co. Inc., Oppenheimer & Co. and BMO Capital Markets
|
| Co-managers: | Janney Montgomery Scott LLC, Wunderlich Securities and Sterne Agee & Leach Inc.
|
| Announcement date: | April 22
|
| Pricing date: | April 23
|
| Settlement date: | April 29
|
| Stock symbol: | NYSE: NSLP
|
| Stock price: | $24.84 at close April 22
|
| Market capitalization: | $292.53 million
|
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