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BreitBurn Energy Partners L.P. (the “Partnership”) (NASDAQ:BBEP) announced today that it has priced its private offering of an additional $200 million aggregate principal amount of its 7.875% senior unsecured notes due 2022 (the “Additional Notes”). The Additional Notes are being offered as additional notes to the Partnership’s existing $250 million aggregate principal amount of 7.875% Senior Notes due 2022 (the “Existing Notes”). The Additional Notes will have identical terms, other than the issue date and initial interest payment date, and will constitute part of the same series as and be fungible with the Existing Notes. The offering price to eligible purchasers is equal to 103.500% of par. The Partnership intends to use the net proceeds from the Additional Notes offering of approximately $202.8 million, after expenses, to repay a portion of its borrowings under its bank credit facility. The offering of the Additional Notes is expected to close on September 27, 2012, subject to the satisfaction of customary closing conditions.
The notes to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
The notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the notes nor shall there be any sale of the notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.