By Sheri Kasprzak
New York, Dec. 30 - Copano Energy, LLC said it is preparing to close a $50 million private placement of units.
The company intends to sell 1,418,440 units at $35.25 each to three institutional investors, including a fund managed by Zimmer Lucas Capital.
Banc of America Securities LLC is the placement agent.
Proceeds will be used for debt reduction, including debt incurred during the expansion of the company's commodity hedging program.
Based in Houston, Copano is a natural gas gathering and processing company focused on the Texas Gulf Coast region and central and eastern Oklahoma.
| Issuer: | Copano Energy, LLC
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| Issue: | Units
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| Amount: | $50 million
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| Units: | 1,418,440
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| Price: | $35.25
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| Warrants: | No
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| Investor: | Fund managed by Zimmer Lucas Capital, two other institutions
|
| Placement agent: | Banc of America Securities LLC
|
| Announcement date: | Dec. 30
|
| Stock price: | $39.05 at close Dec. 29
|
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