Eagle Rock Energy Partners L.P.(EROC) announced that it has priced an upsized underwritten public offering of 9.00 million of its common units representing limited partner interests at $9.31 per common unit. The company has also granted the underwriters a 30-day option to purchase up to 1.35 million additional common units.
On Tuesday, the company had said it commenced an underwritten public offering of 8.00 million of its common units representing limited partner interests, with an underwriter option of up to 1.20 million additional common units.
The upsized offering is expected to close on March 18, 2013, subject to customary closing conditions.
The company stated that it intends to use the net proceeds of the offering, including the proceeds from any exercise of the option, to repay a portion of the outstanding borrowings under its credit facility.
RBC Capital Markets, BofA Merrill Lynch, Citigroup, UBS Investment Bank and Wells Fargo Securities are acting as joint book-running managers of the offering.
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