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.