HOUSTON, Aug. 13, 2012 (GLOBE NEWSWIRE) -- Eagle Rock Energy Partners, L.P. (the "Partnership" or "Eagle Rock") (Nasdaq:EROC) announced today that it has commenced, subject to market conditions, an underwritten public offering of 8,000,000 of its common units representing limited partner interests. The Partnership also intends to grant the underwriters a 30-day option to purchase up to 1,200,000 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 will act 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||BofA Merrill Lynch|
|Attn: Prospectus Department||Attn: Prospectus Department,|
|299 Park Avenue||222 Broadway, 7th Floor,|
|New York, New York 10171||New York, New York 10038,|
|Toll-free number: (888) 827-7275||or by e-mail at email@example.com|
|Citigroup Global Markets Inc.||RBC Capital Markets, LLC|
|Prospectus Department||Attn: Prospectus Department|
|Brooklyn Army Terminal||3 World Financial Center|
|140 58th Street, 8th Floor||200 Vesey Street, 8th Floor|
|Brooklyn, New York 11220||New York, New York 10281-8098|
|Email: firstname.lastname@example.org||Toll-free number: (877) 822-4089|
|Toll-free number: (800) 831-9146|
|Wells Fargo Securities, LLC|
|Attn: Equity Syndicate Department|
|375 Park Avenue|
|New York, New York 10152|
|Toll-free number: (800) 326-5897|
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