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American Energy - Utica Zips Up $1.25B Capital Raise
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American Energy – Utica, LLC, an affiliate of American Energy Partners LP, has closed on its offering of $750 million of seven-year 3.5% convertible subordinated notes that priced last week.
The offering was upsized from an initial amount of $500 million. The notes are convertible upon the first qualified, registered public offering of AEU into shares of the same class of common stock that are sold in that offering. Upon conversion, holders of the notes will receive a number of shares equal to the greater of (x) $750 million divided by a conversion price equal to an agreed discount to the public offering price and (y) 15% of the equity value of AEU at the time of the public offering, in each case subject to certain adjustments.
AEU has also entered into an amendment of its senior…
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