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UPDATE 1-EV Energy Partners starts 3 mln unit public offering
February 8, 2010 / 9:56 PM / 8 years ago

UPDATE 1-EV Energy Partners starts 3 mln unit public offering

* EV Energy to use proceeds to fund Appalachian acquisition

* Toreador to start public offering of common stock

Feb 8 (Reuters) - Oil and gas company EV Energy Partners LP (EVEP.O) said it began a public offering of 3 million of its common units and intends to use the net proceeds to fund its acquisition of certain properties in the Appalachian basin.

The partnership also intends to use the proceeds to repay debt under its existing revolving credit facility.

EV Energy expects to grant the underwriters an over-allotment option up to 450,000 additional common units.

RBC Capital Markets, Citigroup, Raymond James and Wells Fargo Securities will act as joint book-running managers for the offering, the partnership said in a statement.

Separately, Toreador Resources Corp TRGL.O said it will start a public offering of its shares, and said it plans to use the proceeds to repurchase its 5.00 percent convertible senior notes due 2025 and for general corporate purposes.

EV Energy units were down 6 percent at $27.89 in after-market trade. EV Energy units closed at $29.54. Toreador shares closed at $10.16 Monday on Nasdaq. (Reporting by Arundhati Ramanathan in Bangalore; Editing by Anne Pallivathuckal)

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