Deal's proceeds fund repayment of debt under revolving credit facility
By Devika Patel
Knoxville, Tenn., April 29 - New Source Energy Partners LP said the underwriters for its public offering of units opted to exercise the deal's $10.46 million greenshoe in full for total proceeds of $80.21 million. The offering was announced on April 22 and priced for $69.75 million with the greenshoe on April 23.
The company sold 3.45 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. Of the units, 450,000 were part of the fully exercised greenshoe.
Baird, Stifel, Oppenheimer & Co. and BMO Capital Markets were the joint bookrunning managers.
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: | $80,212,500 (including $10,462,500 greenshoe)
|
| Units: | 3.45 million
|
| Price: | $23.25
|
| Warrants: | No
|
| Bookrunners: | Baird, Stifel, Oppenheimer & Co. and BMO Capital Markets
|
| Co-managers: | Janney Montgomery Scott, Wunderlich Securities and Sterne Agee
|
| 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: | $285.43 million
|
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