Memorial Production Partners LP (MEMP) released on Thursday that it has priced its public offering of 13M common units representing limited partner interests in MEMP at a price to the public of $22.29 per unit. MEMP has decided the underwriters a 30-day preference to buy around an additional 1.95M common units. The proposing is expected to close on September 9.
MEMP aims to use the net proceeds from the proposing, including its general partner’s proportionate capital contribution as well as following deducting underwriting discounts other than before estimated offering costs, of around $279.9M to repay a portion of the outstanding borrowings under its revolving credit facility.
According to the firm press release, “UBS Investment Bank, Raymond James, BofA Merrill Lynch, Barclays, Citigroup, Goldman, Sachs and Co., Morgan Stanley, RBC Capital Markets as well as Wells Fargo Securities are performing as joint book-running managers for the offering.”
Memorial Production Partners LP is a publicly traded partnership occupied in the acquisition, production and development of oil and natural gas properties in the United States.