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Howard Midstream Energy to sell $500 million preferreds to Alberta Investment Management
By Angela McDaniels
Tacoma, Wash., Aug. 22 – Howard Midstream Energy Partners, LLC has received binding commitments for the purchase of up to $500 million of series B preferred units from Alberta Investment Management Corp. on behalf of some of its clients, according to a company news release.
Alberta Investment Management will initially purchase $300 million of preferred units and has committed to purchase an additional $200 million in the future.
Proceeds will be used to repay outstanding debt, to fund capital projects and for general corporate purposes.
RBC Capital Markets and Tudor, Pickering, Holt & Co. acted as financial advisers to Howard.
Howard Midstream Energy Partners is a midstream energy company based in San Antonio.
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