Published on 9/4/2007 in the Prospect News PIPE Daily.
New Issue: Copano Energy prices $335 million private placement
By LLuvia Mares
New York, Sept. 4 - Copano Energy, LLC plans to conduct a private placement of equity securities for $335 million.
The company will sell 4,533,324 of common units at $34.66 totaling $157 million and 5,598,836 class E units at $31.77 per unit totaling $178 million.
The class E units are priced at a discount to the volume weighted average price for the 10-day period ending Aug. 30.
Institutional investors include lead investor Lehman Brothers MLP Opportunity, Fund LP, co-lead investor Zimmer Lucas Capital, LLC and ING Investment Management, RCH Energy Funds, Kayne Anderson Capital Advisors, LP, Tortoise Capital Advisors, LLC, AT MLP Fund, LLC, Hartz Capital MLP, LLC, Wexford Capital LLC, Heights Capital, Strome MLP Fund, Terry Companies, and Harvest Fund Advisors LLC.
During the fourth quarter of 2008 the class E units will become entitled to a special quarterly distribution equal to 110% of the quarterly common unit distribution.
Proceeds from the deal will be used to pay a portion of the cash consideration for the company's $562.5 million acquisition of Denver-based Cantera Natural Gas, LLC, which was also announced Tuesday.
Houston-based Copano Energy is a natural gas company with natural gas gathering, intrastate pipeline and natural gas processing assets in Oklahoma and Texas.
| Issuer: | Copano Energy, LLC
|
| Issue: | Units
|
| Amount: | $335 million
|
| Units: | 4,533,324 common units and 5,598,836 class E units |
|
| Price: | $34.66 and $31.77
|
| Warrants: | No
|
| Agent: | Citigroup Global Markets Inc.
|
| Investor: | Lehman Brothers MLP Opportunity, Fund LP (lead), Zimmer Lucas Capital, LLC (co-lead), ING Investment Management, RCH Energy Funds, Kayne Anderson Capital Advisors, LP, Tortoise Capital Advisors, LLC, AT MLP Fund, LLC, Hartz Capital MLP, LLC, Wexford Capital LLC, Heights Capital, Strome MLP Fund, Terry Cos., and Harvest Fund Advisors LLC
|
| Announcement date: | Sept. 4
|
| Stock symbol: | Nasdaq: CPNO
|
| Stock price: | $38.99 at close Aug. 31
|
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