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LRR Energy LP Prices Public Offering Of Common Units


Tuesday, 19 Mar 2013 09:22am EDT 

LRR Energy LP announced the pricing of an underwritten public offering of 6,000,000 common units, of which 3,000,000 common units are being offered by LRR Energy and 3,000,000 common units are being offered by LRR Energy`s sponsor, Lime Rock Resources, at a offering price of $16.84 per common unit. The underwriters have been granted a 30-day option to purchase up to 700,000 additional common units from LRR Energy and up to 200,000 additional common units from Lime Rock Resources. The offering is scheduled to close on March 22, 2013. LRE`s second lien term loan requires LRE to use 50% of the net cash proceeds from any equity offering to repay borrowings outstanding under LRE`s term loan. LRE plans to use the net proceeds from the offering and from any exercise of the underwriter's option to purchase additional common units from LRE to repay borrowings outstanding under LRE`s revolving credit facility. In the event LRE does not receive the waiver prior to the closing of the offering, LRE will use 50% of the net proceeds from the offering, or approximately $24.2 million, to repay borrowings outstanding under LRE`s term loan and the remaining net proceeds to repay borrowings outstanding under LRE`s revolving credit facility. Raymond James, Barclay's and UBS Investment Bank are acting as joint book-running managers of the offering. Baird, Oppenheimer & Co., Stifel, Ladenburg Thalmann & Co. Inc., MLV & Co. and Wunderlich Securities are acting as co-managers of the offering 

Company Quote

20.11
0.42 +2.13%
4:02pm EDT