This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Blueknight Energy Partners, L.P. Announces Preliminary Results Of Rights Offering

In fourth graph, last sentence, ticker should read "BKEPP" (sted "BKEP").

The corrected release reads:

BLUEKNIGHT ENERGY PARTNERS, L.P. ANNOUNCES PRELIMINARY RESULTS OF RIGHTS OFFERING

Blueknight Energy Partners, L.P. (NASDAQ: BKEP) (“BKEP” or the “Partnership”), a midstream energy company focused on providing integrated services for companies engaged in the production, distribution and marketing of crude oil, asphalt and other petroleum products, today announced that its previously-announced rights offering expired in accordance with its terms at 5:00 p.m., New York City time, on October 31, 2011.

Results indicate that the rights offering was over-subscribed with total basic and over-subscription rights being exercised for over 20 million Series A Preferred Units. Basic subscription rights that were not subscribed by 5:00 p.m., New York City time, on October 31, 2011 have expired.

Approximately 96% of basic subscription rights were exercised, leaving approximately 470,000 Series A Preferred Units available to fulfill over-subscriptions. The Partnership expects to issue a total of 11,846,990 Series A Preferred Units to unitholders that exercised their rights. Because over-subscription requests exceeded the number of rights available for over-subscription, the subscription agent will allocate the Series A Preferred Units available pursuant to over-subscription rights in accordance with the procedures described in the prospectus supplement dated September 27, 2011.

The Partnership expects that Series A Preferred Units subscribed for will be mailed to participants or credited through DTC on or about Wednesday, November 9, 2011. Any excess payment to be refunded by us to a participating rights holder will be mailed by the subscription agent as promptly as practicable following such distribution. In addition, the Partnership expects that the Series A Preferred Units will begin trading on the NASDAQ Global Market on or about Thursday, November 10, 2011 under the symbol “BKEPP.”

The Partnership estimates it will receive proceeds of approximately $77 million from the rights offering. The net proceeds from the rights offering, after deducting expenses, will be used as follows: (a) first, to redeem convertible debentures in the aggregate principal amount of up to $50 million plus accrued interest thereon that the Partnership issued to affiliates of Vitol Holding B.V. (“Vitol”) and Charlesbank Capital Partners, LLC (“Charlesbank”), (b) second, to repurchase, on a pro rata basis, up to a maximum of $22 million of Series A Preferred Units from affiliates of Vitol and Charlesbank at a purchase price of $6.50 per unit plus any pro rata distribution for the quarter in which such units are repurchased and (c) thereafter, for general partnership purposes.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,596.35 -350.33 -1.95%
S&P 500 2,057.64 -43.85 -2.09%
NASDAQ 4,958.4680 -122.0370 -2.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs