Black Stone closes on $157.6 million oversubscribed offering of units

By Jennifer Chiou

New York, July 17 - Black Stone Minerals Co., LP announced the completion of an oversubscribed offering of convertible preferred units for $157.6 million in total commitments.

Under the terms of the offering, one-third of the investor's commitment was due at closing, with Black Stone able to call the balance during a two-year period.

The investor can convert to common units under certain conditions at any time over the next five years.

This is the largest financing in Black Stone's history, the company said in a news release.

"This transaction is transformative for Black Stone as we can now move and close quickly on significant opportunities that may arise in the current challenging conditions without putting pressure on our balance sheet," Thomas L. Carter Jr., chairman and chief executive officer, said in the release.

The proceeds will allow Black Stone to participate more fully in investment opportunities secured on behalf of the funds it manages.

Based in Houston, Black Stone owns about 17.5 million acres of producing and non-producing fee minerals and royalty with interests in more than 29,000 wells spread across 43 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.