Key Developments For Eagle Rock Energy Partners, L.P.
Eagle Rock Energy Partners, L.P. (EROC.O) (Nasdaq)
Eagle Rock Energy Partners, L.P. Reaffirms FY 2009 EBITDA Guidance
Eagle Rock Energy Partners, L.P. reaffirmed fiscal 2009 adjusted EBITDA guidance will be at the end high end of guidance range of $180 million. According to Reuters Estimates, analysts were expecting the Company to EBITDA of $184 million for the same period.
Eagle Rock Energy Partners, L.P. Declares Cash Distribution
Eagle Rock Energy Partners, L.P. announced that it has declared a cash distribution of $0.025 per common unit and general partner unit for the quarter ended September 30, 2009. The distribution will be paid on November 13, 2009 to the general partner and all common unitholders of record as of November 9, 2009.
Eagle Rock Energy Partners, L.P. Receives Non-Binding Proposal From Black Stone Minerals Company
Eagle Rock Energy Partners, L.P. announced that it received a non-binding proposal from Black Stone Minerals Company, L.P. (Black Stone), which includes, among other terms and conditions, an offer by Black Stone and certain of its co-investors (collectively, BSMC) to purchase the Eagle Rock`s Minerals Business (as defined in the Eagle Rock`s filings with the Securities and Exchange Commission) for $157.5 million and to provide a standby equity investment commitment in support of a public equity offering by Eagle Rock. The Board of Directors and the Conflicts Committee of the general partner of the general partner of Eagle Rock are reviewing the proposal.
Eagle Rock Energy Partners, L.P. Announces Receipt Of Revised Proposal From Natural Gas Partners
Eagle Rock Energy Partners, L.P. announced that the Conflicts Committee of the Board of Directors of the general partner of the general partner of the Partnership (the Board) received a letter from Natural Gas Partners VII, L.P. and Natural Gas Partners VIII, L.P. (collectively with Natural Gas Partners IX, L.P. and other affiliates, NGP) on October 9, 2009 as a follow-up to NGP`s original letter dated September 17, 2009 which proposed a series of transactions between NGP and the Partnership (the Original Proposal). The letter dated October 9, 2009 includes a revised term sheet (together with the letter, the Revised Proposal) setting forth revised terms and conditions to NGP`s proposal. Key terms of the Original Proposal were outlined in the Partnership`s press release dated September 18, 2009. Term of the Partnership`s option to acquire all the Partnership`s general partner (by acquiring all of its outstanding limited partner interests and the equity of its general partner), in exchange for issuance of one million common units 49% of outstanding equity of the Partnership`s general partner`s general partner to be transferred concurrently with the contribution of the subordinated units on payment of Transaction Fee; whereas, the Partnership`s option for the balance of the general partner was exercisable by the Partnership at any time for the year following the Exercisable by the Partnership at any time following the Approval Date.
Eagle Rock Energy Partners, L.P. Announces Receipt Of Proposal From Natural Gas Partners
Eagle Rock Energy Partners, L.P. announced that the Board of Directors of the general partner of the general partner of the Partnership (the Board) received a letter from Natural Gas Partners VII, L.P. and Natural Gas Partners VIII, L.P. (collectively with Natural Gas Partners IX, L.P. and other affiliates, NGP) on September 17, 2009 wherein NGP proposed a series of transactions between NGP and the Partnership. NGP owns a significant equity position in Eagle Rock Holdings, L.P. (Holdings), which owns 2,338,419 common units, 20,691,495 subordinated units and all of the equity interests in Eagle Rock Energy GP, L.P. (GP LP), the Partnership`s general partner (directly and through ownership of all equity interests of the general partner of the Partnership`s general partner), which holds the general partner units and incentive distribution rights in the Partnership. In addition, NGP owns and controls 8,700,169 aggregate common units and reports beneficial ownership over some additional common units. The proposal contemplates: a 49% interest in the general partner of the Partnership`s general partner; 20,691,495 subordinated units and the remaining 51% interest in the general partner of the Partnership`s general partner.
