Azure prices $49.6 million public offering of common units at $14.17

BofA, JPMorgan, Wells Fargo and RBC Capital are bookrunners for sale

By Devika Patel

Knoxville, Tenn., June 18 – Azure Midstream Partners, LP priced a $49.6 million public sale of common units with a $7.44 million greenshoe, according to a 424B5 filed Thursday with the Securities and Exchange Commission. The deal was announced Tuesday.

The company will sell 3.5 million units at $14.17 per unit, a 2.68% premium to the June 17 closing share price of $13.80.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and RBC Capital Markets, LLC are the bookrunning managers.

Settlement is expected June 22.

Proceeds will be used to repay debt under the company’s credit facility.

The Dallas company was formed to develop, own, operate and acquire midstream energy assets.

Issuer:	Azure Midstream Partners, LP
Issue:	Common units
Amount:	$49,595,000
Greenshoe:	$7,439,250, or 525,000 units
Units:	3.5 million
Price:	$14.17
Warrants:	No
Bookrunners:	BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and RBC Capital Markets, LLC
Co-managers:	Robert W. Baird & Co. Inc. and Stifel, Nicolaus & Co., Inc. (senior), Janney Montgomery Scott LLC and Oppenheimer & Co. Inc.
Announcement date:	June 16
Pricing date:	June 18
Settlement date:	June 22
Stock symbol:	NYSE: AZUR
Stock price:	$13.80 at close June 17
Market capitalization:	$31.02 million

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