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HOUSTON, Aug. 13, 2012 (GLOBE NEWSWIRE) -- Eagle Rock Energy Partners, L.P. (the "Partnership" or "Eagle Rock") (Nasdaq:EROC) announced today that it has priced an upsized underwritten public offering of 8,800,000 of its common units representing limited partner interests at $8.72 per common unit. The upsized offering is expected to close on August 17, 2012, subject to customary closing conditions. The Partnership has also granted the underwriters a 30-day option to purchase up to 1,320,000 additional common units to cover over-allotments, if any.
The Partnership intends to use the net proceeds of the offering, including the proceeds from any exercise of the over-allotment option, to fund a portion of the consideration for the proposed acquisition of two of BP America Production Company's gas processing facilities in the Texas Panhandle and the associated gathering system (the "BP Acquisition"). Pending the application of the net proceeds to fund a portion of the consideration for the BP Acquisition, the Partnership intends to use the net proceeds to repay a portion of the outstanding borrowings under its credit facility. If the BP Acquisition is not consummated for any reason, the Partnership will use the net proceeds for general partnership purposes, including future acquisitions and capital program expenditures.
UBS Investment Bank, BofA Merrill Lynch, Citigroup, RBC Capital Markets and Wells Fargo Securities are acting as joint book-running managers of the offering.
When available, copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the underwriters as follows:
UBS Securities LLC Attn: Prospectus Department 299 Park Avenue New York, New York 10171 Toll-free number: (888) 827-7275
Citigroup Global Markets Inc. Prospectus Department Brooklyn Army Terminal 140 58th Street, 8th Floor Brooklyn, New York 11220 Email: firstname.lastname@example.org Toll-free number: (800) 831-9146
RBC Capital Markets, LLC Attn: Prospectus Department 3 World Financial Center 200 Vesey Street, 8th Floor New York, New York 10281-8098 Toll-free number: (877) 822-4089
Wells Fargo Securities, LLC Attn: Equity Syndicate Department 375 Park Avenue New York, New York 10152 Email: email@example.com Toll-free number: (800) 326-5897
The common units are being offered and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.