Finance & Investing | Fundraising | Capital Markets | Private Equity Activity
Breitburn, EIG Unveil $1.0 Billion Strategic Investment
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Breitburn Energy Partners LP and EIG Global Energy Partners announced definitive agreements whereby Breitburn will sell $350 million of perpetual convertible preferred units and $650 million of senior secured notes in simultaneous private offerings to investment funds managed by EIG, and other purchasers. These offerings are expected to close on April 8, 2015, subject to the approval of an amendment to Breitburn's senior credit facility and satisfaction of other customary closing conditions.
Highlights: Investment consists of $350 million of perpetual convertible preferred equity and $650 million of senior secured notes Amending credit facility to reset borrowing base at $1.8 billion through April 2016 Resetting common unit distribution at $0.50 per unit on an annualized basis Adding…Finish this article — free account or subscription
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