Black Stone to use revolver borrowings for proposed tender offer

By Marisa Wong

Morgantown, W.Va., Oct. 20 – Black Stone Minerals, LP plans to use borrowings available under its revolving credit facility and cash on hand to fund a proposed cash tender offer for its series A preferred units, according to a press release.

The company is proposing a tender offer to purchase up to 100% of the 117,963 outstanding series A preferred units from its preferred unitholders at par of $1,000 per unit, plus accrued yield.

Black Stone Minerals expects to begin the proposed tender offer during the week of Nov. 2.

“Pending the outcome of our fall borrowing base redetermination, we have approximately $570 million of borrowing capacity currently available to us under our revolving credit facility,” Thomas L. Carter Jr., chairman, president and chief executive officer of Black Stone, said in a press release.

Based in Houston, Black Stone owns oil and natural gas mineral interests in the United States.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.