Copano to use offering proceeds to repay credit facility due 2016

By Tali David

Minneapolis, Jan. 12 - Copano Energy, LLC expects to use the proceeds of the sale of 4.5 million common units to repay a portion of its revolving credit facility due June 10, 2016, according to a 424B3 filing with the Securities and Exchange Commission.

As of Dec. 31, about $385 million of borrowings was outstanding under the company's revolving credit facility, according to a press release.

The weighted average interest rate on borrowings under the credit facility was 5.60% at Dec. 31.

Houston-based Copano Energy is a midstream natural gas company.

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