BreitBurn Energy Partners L.P. (BBEP) said Monday that it has priced its private offering of an additional $200 million aggregate principal amount of its 7.875 percent senior unsecured notes due 2022.
The Additional Notes are being offered as additional notes to the Partnership's existing $250 million aggregate principal amount of 7.875 percent Senior Notes due 2022.
These 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 percent of par.
The Partnership noted that it intends to use the net proceeds from the Additional Notes offering of about $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, subject to the satisfaction of customary closing conditions.
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