Oil and gas developer EV Energy Partners raises $94.5 million in unit offering
By APFriday, February 12, 2010
EV Energy Partners completes unit offering
HOUSTON — EV Energy Partners LP said Friday it has completed an offering of 3.45 million units, netting $94.5 million that it will use in part for an acquisition in the Appalachian Basin.
The Houston limited partnership, which develops oil and gas properties, offered 3 million units at $28.08 per unit. Its underwriters exercised the option to buy an additional 450,000 units.
RBC Capital Markets, Citi, Raymond James and Wells Fargo Securities were joint book-running managers for the offering.
The company said it would use the proceeds to finance the acquisition and to repay debt under an existing revolving credit facility.
Earlier this month, EV Energy and some institutional partnerships managed by EnerVest Ltd. agreed to acquire oil and natural gas properties in the Appalachian Basin from Range Resources Corp. for $151.8 million. EV Energy will have a 46.15 percent interest in the assets when the transaction closes at the end of March.
Shares of EV Energy fell 5 cents to $29.25 in afternoon trading.
