By Sheri Kasprzak
New York, March 9 - Constellation Energy Partners LLC closed a private placement of limited partnership units for $60,000,021.
The company sold 2,207,684 units at $26.12 each and 90,376 class E units at $25.84 each. The investor group was led by GPS Partners LLC and included Lehman Brothers MLP Partners LP and ZLP Fund LP.
The class E units will convert into common units upon holder approval.
Proceeds will be used to partially fund the company's acquisition of EnergyQuest Resources LP for $115 million. The rest of the purchase price will be paid from the company's existing revolving credit facility.
Constellation, based in Baltimore, acquires, develops and produces oil and natural gas properties and midstream assets.
| Issuer: | Constellation Energy Partners LLC
|
| Issue: | Common and class E units
|
| Amount: | $60,000,021
|
| Investors: | GPS Partners LLC (lead), Lehman Brothers MLP Partners LP, ZLP Fund LP
|
| Settlement date: | March 8
|
| Stock symbol: | NYSE: CEP
|
| Stock price: | $28.54 at close March 8
|
| Stock price: | $31.00 at close March 9
|
|
|
| Common units
|
| Units: | 2,207,684
|
| Price: | $26.12
|
| Warrants: | No
|
|
|
| Class E units
|
| Units: | 90,376
|
| Price: | $25.84
|
| Warrants: | No
|
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