Breitburn Energy Partners Prices Public Offering Of 14 Mln Units At $18.64/unit

(RTTNews) - Breitburn Energy Partners LP (BBEP) said that it priced its public offering of 14 million common units representing limited partner interests in Breitburn at a price to the public of $18.64 per Common Unit.

Breitburn has granted to the underwriters a 30-day option to purchase up to an additional 2.10 million Common Units to cover over-allotments. The Common Units offering is expected to close on October 10, 2014, subject to customary closing conditions.

Breitburn expects to receive net proceeds of approximately $251.6 million (or approximately $289.4 million if the underwriters exercise in full their option to purchase an additional 2.10 million Common Units to cover over-allotments) from the offering and intends to use the net proceeds to reduce outstanding borrowings under its bank credit facility.