Units may be converted into company’s common units at $17.50 per unit
By Devika Patel
Knoxville, Tenn., March 31 – American Midstream Partners, LP raised about $20 million in a private placement of series A preferred units with Magnolia Infrastructure Partners, LLC on March 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The preferred units’ distributions of 6% may be paid in kind.
The units are each convertible into common units at $17.50 per unit, which is a 2.04% premium to the March 27 closing share price of $17.15.
Denver-based American Midstream owns, operates, develops and acquires natural gas midstream energy assets.
| Issuer: | American Midstream Partners, LP
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| Issue: | Series A preferred units
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| Amount: | $20 million (approximate)
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| Distributions: | 6%
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| Conversion price: | $17.50
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| Conversion premium: | 2.04%
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| Warrants: | No
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| Investor: | Magnolia Infrastructure Partners, LLC
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| Settlement date: | March 30
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| Stock symbol: | Nasdaq: AMID
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| Stock price: | $17.15 at close March 27
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| Market capitalization: | $384.22 million
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