HOUSTON, March 13, 2013 (GLOBE NEWSWIRE) -- Eagle Rock Energy Partners, L.P. (the "Partnership") (Nasdaq:EROC) announced today that it has priced an upsized underwritten public offering of 9,000,000 of its common units representing limited partner interests at $9.31 per common unit. The upsized offering is expected to close on March 18, 2013, subject to customary closing conditions. The Partnership has also granted the underwriters a 30-day option to purchase up to 1,350,000 additional common units.
The Partnership 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.
When available, copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the underwriters as follows:
|RBC Capital Markets||BofA Merrill Lynch|
|Attn: Prospectus Department||222 Broadway|
|3 World Financial Center||New York, NY 10038|
|200 Vesey Street, 8th Floor||Attention: Prospectus Department|
|New York, New York 10281-8098||Email: firstname.lastname@example.org|
|Toll-free number: (877) 822-4089|
|Citigroup||UBS Investment Bank|
|c/o Broadridge Financial Solutions||Attn: Prospectus Department|
|1155 Long Island Avenue||299 Park Avenue|
|Edgewood, NY 11717||New York, New York 10171|
|Telephone: (800) 831-9146||Toll-free number: (888) 827-7275|
|Wells Fargo Securities|
|Attn: Equity Syndicate Department|
|375 Park Avenue|
|New York, New York 10152|
|Toll-free number: (800) 326-5897|
The common units are being offered and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.
About the Partnership
The Partnership is a growth-oriented master limited partnership engaged in two businesses: a) midstream, which includes (i) gathering, compressing, treating, processing and transporting natural gas; (ii) fractionating and transporting natural gas liquids; (iii) crude oil and condensate logistics and marketing; and (iv) natural gas marketing and trading; and b) upstream, which includes exploiting, developing, and producing hydrocarbons in oil and natural gas properties.
This news release may include "forward-looking statements." All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements and speak only as of the date on which such statement is made. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These include, but are not limited to, risks related to volatility or declines (including sustained declines) in commodity prices; market demand for crude oil, natural gas and natural gas liquids; the effectiveness of the Partnership's hedging activities; the Partnership's ability to retain key customers; the Partnership's ability to continue to obtain new sources of crude oil and natural gas supply; the availability of local, intrastate and interstate transportation systems and other facilities to transport crude oil, natural gas and natural gas liquids; competition in the oil and gas industry; the Partnership's ability to obtain credit and access the capital markets; general economic conditions; and the effects of government regulations and policies. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Partnership's actual results and plans could differ materially from those implied or expressed by any forward-looking statements. The Partnership assumes no obligation to update any forward-looking statement as of any future date. For a detailed list of the Partnership's risk factors, please consult the Partnership's Form 10-K, filed with the Securities and Exchange Commission for the year ended December 31, 2012, as well as any other public filings and press releases.
CONTACT: Eagle Rock Energy Partners, L.P. Jeff Wood, 281-408-1203 Senior Vice President and Chief Financial Officer Adam Altsuler, 281-408-1350 Director, Corporate Finance and Investor Relations
Source:Eagle Rock Energy Partners, L.P.