New York, Sept. 21 - Regency Energy Partners LP said it has completed a $60 million private placement of class C units.
The Dallas-based midstream energy partnership focused on natural gas and natural gas liquids sold 2,857,143 units at $21.00 each to Kayne Anderson MLP Investment Co., Lehman Brothers MLP Partners, LP, GPS Partners LLC and RCH Energy MLP Fund, LP.
The units will not be entitled to quarterly cash distributions for the third and fourth quarters of 2006.
On Feb. 8, 2007, the class C units will convert to common units on a one-for-one basis.
Regency said the price, after adjusting for the two missed distributions of $0.35 each, represents a 4.8% discount to the closing price of its common units on Sept. 20.
Proceeds will be used to repay credit facility borrowings used to help finance the $358.8 million TexStar Field Services acquisition.
| Issuer: | Regency Energy Partners LP
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| Issue: | Class C units
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| Amount: | $60 million
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| Units: | 2,857,143
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| Price: | $21.00
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| Investors: | Kayne Anderson MLP Investment Co., Lehman Brothers MLP Partners, LP, GPS Partners LLC, RCH Energy MLP Fund, LP
|
| Announcement date: | Sept. 21
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| Stock symbol: | Nasdaq: RGNC
|
| Stock price: | $22.80 at close Sept. 20
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