Key Developments: Memorial Production Partners LP (MEMP.O)
19.45USD
20 May 2013
$-0.29 (-1.47%)
$19.74
$19.50
$19.62
$19.26
482,210
502,952
$20.75
$15.71
Latest Key Developments (Source: Significant Developments)
Memorial Production Partners LP Announces Proposed Offering Of Additional Senior Notes
Memorial Production Partners LP and its wholly owned subsidiary, Memorial Production Finance Corporation, announced that, subject to market conditions, they intend to offer $100 million in aggregate principal amount of their 7.625% senior unsecured notes due 2021. The notes are being offered as additional notes under the same indenture pursuant to which their existing $300 million of 7.625% senior notes due 2021 were issued. The Existing Notes and the additional notes will be treated as a single class under the indenture. MEMP intends to use the net proceeds from the proposed offering to reduce debt outstanding under its revolving credit facility and for general partnership purposes. Full Article
Memorial Production Partners LP Reaffirms FY 2013 Production And EBITDA Guidance
Memorial Production Partners LP announced that for fiscal 2013, it expects annual production (Bcfe) in the range of 37-39 and adjusted EBITDA in the range of $154-$158 million. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EBITDA of $156 million for fiscal 2013. Full Article
Memorial Production Partners LP Announces Pricing Of $300 Million Private Placement Of 7.625% Senior Notes Due 2021
Memorial Production Partners LP and its wholly owned subsidiary, Memorial Production Finance Corporation, announced the pricing of their offering of $300 million in aggregate principal amount of 7.625% senior unsecured notes (the Notes) to eligible purchasers. The Notes mature on May 1, 2021 and will be issued at an offering price of 98.521% of par. The private placement is expected to close on April 17, 2013, subject to customary closing conditions. MEMP intends to use the net proceeds from the private placement to reduce debt under its revolving credit facility and for general partnership purposes. Full Article
Memorial Production Partners LP Announces $300 Million Private Placement Of Senior Notes Due 2021
Memorial Production Partners LP announced that, subject to market conditions, they intend to offer $300 million in aggregate principal amount of senior unsecured notes to eligible purchasers. MEMP intends to use the net proceeds from the proposed private placement to reduce debt under its revolving credit facility and for general partnership purposes. Full Article
Memorial Production Partners LP Announces Closing Of Acquisition Of Oil And Gas Properties
Memorial Production Partners LP announced that it has closed its previously announced acquisition of certain oil and natural gas producing properties in East Texas and North Louisiana from its sponsor, Memorial Resource Development LLC, for $200 million, subject to customary post-closing adjustments. The acquisition was funded with borrowings under MEMP's revolving credit facility and the net proceeds from its public offering of common units, which closed on March 25, 2013. The effective date for this transaction is January 1, 2013. Full Article
Memorial Production Partners LP Announces Closing Of Public Offering Of Common Units And Full Exercise of Underwriters' Option To Purchase Additional Common Units
Memorial Production Partners LP announced the closing of its previously announced public offering of common units representing limited partner interests in MEMP. Including the underwriters' option to purchase additional common units, which was exercised in full, MEMP sold a total of 9,775,000 common units at a price to the public of $18.35 per common unit. MEMP intends to use the net proceeds from the offering of approximately $172.6 million, including its general partner's proportionate capital contribution and after deducting underwriting discounts but before offering expenses, 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 its revolving credit facility. RBC Capital Markets, BofA Merrill Lynch, Barclays, Citigroup, Raymond James and Wells Fargo Securities acted as joint book-running managers for the offering. Goldman, Sachs & Co., J.P. Morgan and Sanders Morris Harris acted as co-managers for the offering. Full Article
Memorial Production Partners LP Announces Pricing Of Public Offering Of Common Units
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. Full Article
Memorial Production Partners LP Announces Public Offering of Common Units
Memorial Production Partners LP announced that it has commenced an underwritten public offering of 8,500,000 common units representing limited partner interests in MEMP. The underwriters will be granted a 30-day option to purchase up to an additional 1,275,000 common units. MEMP intends to use the net proceeds from the offering, including the proceeds from any exercise of the over-allotment option of common units, 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 its 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. Full Article
Memorial Production Partners LP Raises FY 2013 EBITDA Guidance And Production Guidance
Memorial Production Partners LP announced that for fiscal 2013, it expects EBITDA guidance range to $154-$158 million from the previously announced $120-$124 million and annual production to be in the range of 37-39 Bcfe. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EBITDA of $132 million for fiscal 2013. Full Article
Memorial Production Partners LP to Acquire Oil and Gas Properties; Announces Distribution Increase
Memorial Production Partners LP announced that it has signed a definitive agreement to acquire certain oil and gas producing properties in East Texas and North Louisiana from its sponsor, Memorial Resource Development LLC, for a purchase price of $200 million, which includes $4 million of net working capital and other customary purchase price adjustments. The transaction will have an effective date of January 1, 2013 and is expected to close in March 2013. Terms of the transaction were approved by the Board of Directors of the general partner of MEMP and by the Board's conflicts committee, which is comprised entirely of independent directors. Subject to the closing of this transaction, the Board of Directors of MEMP's general partner approved an increase in the distribution rate to $0.5125 per unit for the first quarter of 2013. This distribution rate will represent an annualized amount of $2.05 per unit and a 7.9% increase over the annualized minimum quarterly distribution of $1.90 per unit, as well as a 1.0% increase over the fourth quarter annualized distribution of $2.03 per unit. The acquired properties represent additional working interests in MEMP's existing 697 gross (196 net) wells located in the Carthage, Minden, and Spider fields in Rusk and Panola Counties in East Texas and DeSoto Parish in North Louisiana. MEMP will operate approximately half of the producing wells and 80% of the PDP reserves. Full Article
BRIEF-Memorial Production Partners falls in premarket after announcing common unit offering
NEW YORK, March 20 - Memorial Production Partners LP : * Falls 4.1 percent to $18.27 in premarket after announcing common unit offering
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