Howard Midstream Energy Partners to place $500 million preferred units

By Angela McDaniels

Tacoma, Wash., Aug. 22 – Howard Midstream Energy Partners, LLC has received binding commitments for the purchase of up to $500 million of series B preferred units from Alberta Investment Management Corp. on behalf of some of its clients, according to a company news release.

Alberta Investment Management will initially purchase $300 million of preferred units and has committed to purchase an additional $200 million in the future.

The preferred units will be subject to redemption and conversion features under certain circumstances.

Howard will have the option to make coupon payments on the preferred units in cash or in kind.

Proceeds will be used to repay outstanding debt, to fund capital projects and for general corporate purposes.

RBC Capital Markets and Tudor, Pickering, Holt & Co. acted as financial advisers to Howard.

Howard Midstream Energy Partners is a midstream energy company based in San Antonio.

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