Agreement will sell common units through agent BMO Capital Markets
By Devika Patel
Knoxville, Tenn., Oct. 6 – New Source Energy Partners LP arranged a $50 million equity distribution agreement with BMO Capital Markets Corp. on Oct. 3, according to an 8-K filed Monday with the Securities and Exchange Commission.
The agent will sell $50 million of common units at market prices.
BMO will be paid a 2% commission.
Proceeds will be used to repay debt, for working capital, for capital expenditures and for acquisitions
Based in Oklahoma City, New Source Energy is an oil and natural gas explorer.
| Issuer: | New Source Energy Partners LP
|
| Issue: | Equity distribution agreement
|
| Amount: | $50 million
|
| Warrants: | No
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | $387,000
|
| Announcement date: | Oct. 6
|
| Settlement date: | Oct. 3
|
| Stock symbol: | NYSE: NSLP
|
| Stock price: | $23.24 at close Oct. 2
|
| Market capitalization: | $398.78 million
|
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