HOUSTON -- Copano Energy priced a public offering of 6 million common units at $32.13 apiece.
The natural gas company plans to use the offering's net proceeds to pay back part of the outstanding debt under its revolving credit facility. It anticipates using the extra borrowing capacity as needed for capital projects, acquisitions, hedging, working capital and general corporate purposes.
Copano Energy LLC said Friday that it is giving the underwriters a 30-day option to buy up to an additional 900,000 units.
The offering is expected to close on Wednesday.
Shares of Houston-based Copano Energy LLC dropped $1.28, or 3.8 percent, to $32.08 in morning trading. The stock has traded in a 52-week range of $24.24 to $38.03.