By Devika Patel
Knoxville, Tenn., July 25 - Regency Energy Partners LP announced it will raise net proceeds of $204 million in a direct placement of common units. The securities are being offered via an effective shelf registration.
The investors will buy 9 million common units at an average price of $22.18 per unit.
Settlement is expected Aug. 1.
Proceeds will be used to repay debt under Regency's revolver and to fund upcoming growth opportunities.
The investors are GE Energy Financial Services; funds managed by Kayne Anderson Capital Advisors, LP; RCH Energy Partners; Swank Energy Income Advisors, LP; Lehman Brothers MLP Opportunity Fund, LP; and other institutional investors. GE Energy Financial Services is the owner of Regency's general partner.
Regency is a Dallas-based midstream energy partnership engaged in the gathering, contract compression, processing, marketing and transporting of natural gas and natural gas liquids.
| Issuer: | Regency Energy Partners LP
|
| Issue: | Common units
|
| Amount: | $204 million (net)
|
| Units: | 9 million
|
| Price: | $22.18 (average)
|
| Warrants: | No
|
| Pricing date: | July 25
|
| Settlement date: | Aug. 1
|
| Stock symbol: | Nasdaq: RGNC
|
| Stock price: | $23.29 at close July 25
|
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