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PetroLogistics LP Announces $365 Million Private Placement Of Senior Notes Due 2020

Stocks in this article: PDH

HOUSTON, March 15, 2013 /PRNewswire/ -- PetroLogistics LP (NYSE: PDH) (the "Partnership") announced that it and its wholly-owned subsidiary, PetroLogistics Finance Corp. (the "Issuers"), intend to commence a private offering to eligible purchasers of $365 million aggregate principal amount of senior unsecured notes due 2020 (the "Notes"), subject to market conditions.  

The Notes are expected to be fully and unconditionally guaranteed by PL Propylene LLC, the Partnership's wholly owned subsidiary, and will be jointly and severally guaranteed by certain of the Partnership's future subsidiaries.

The Issuers intend to use a portion of the net proceeds from the offering to repay the borrowings outstanding under PL Propylene LLC's term loan facility and to pay transaction and early repayment costs related thereto.  In addition, the Issuers intend to use a portion of the net proceeds from the offering to pay a portion of the transaction costs associated with the amendment and restatement of PL Propylene LLC's credit agreement, which is expected to occur contemporaneous with, and subject to, the closing of the offering of the Notes.

The Notes will be offered and sold to qualified institutional buyers in the United States pursuant to Rule 144A and outside the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The Notes have not been, and will not be, registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and the rules promulgated thereunder.

The offering of the notes is subject to market and other conditions and there can be no assurance that the offering will be consummated on the terms described above or at all.

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