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Memorial Production Partners LP Announces Pricing Of Public Offering Of Common Units

Wednesday, 20 Mar 2013 08:41am EDT 

Memorial Production Partners LP announced the pricing of public offering of 8,500,000 common units representing limited partner interests in MEMP at a price to the public of $18.35 per unit. MEMP has granted the underwriters a 30-day option to purchase up to an additional 1,275,000 common units. The offering is expected to close on March 25, 2013. MEMP intends to use the net proceeds from the offering, including general partner's proportionate capital contribution and after deducting underwriting discounts but before offering expenses, of approximately $150.0 million (or approximately $172.6 million if the underwriters exercise their option to purchase additional units in full) to fund a portion of the purchase price for MEMP's recently announced pending acquisition of oil and natural gas properties. If the pending acquisition is not consummated for any reason, MEMP will use the net proceeds from the offering for general partnership purposes, which may include repayment of outstanding borrowings under revolving credit facility. RBC Capital Markets, BofA Merrill Lynch, Barclays, Citigroup, Raymond James and Wells Fargo Securities are acting as joint book-running managers for the offering. Goldman, Sachs & Co., J.P. Morgan and Sanders Morris Harris are acting as co-managers for the offering. 

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