Atlas Pipeline Partners stands to reap hundreds of millions of dollars from an upcoming public share offering. The company has priced the issue of 10.3 million common units at $34 apiece. Additionally, the offering's underwriters have been granted a 30-day purchase option for up to an additional 1.545 million units.
Atlas Pipeline Partners said it plans to use the proceeds of the issue to help it finance its just-announced acquisition of TEAK Midstream. In advance of that, the company said it "may use some or all of the net proceeds for general partnership purposes, which may include repayment of outstanding borrowings under its revolving credit facility."
The joint book-running managers for the issue are Citigroup, Morgan Stanley, Bank of America's Merrill Lynch, JPMorgan Chase unit J.P. Morgan, and the Securities arms of Wells Fargo and Deutsche Bank.
The article Atlas Pipeline Partners Prices New Unit Issue originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Wells Fargo. It also owns shares of Bank of America, Citigroup, and JPMorgan Chase. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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