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Breitburn Energy announces $1 billion investment by EIG Global Energy Partners


Published Mar 31, 2015
BreitBurn Energy Partners L.P.

Breitburn Energy Partners LP and EIG Global Energy Partners announced definitive agreements whereby Breitburn will sell $350 million of perpetual convertible preferred units and $650 million of senior secured notes in simultaneous private offerings to investment funds managed by EIG, and other purchasers. These offerings are expected to close on April 8, 2015, subject to the approval of an amendment to Breitburn's senior credit facility and satisfaction of other customary closing conditions.

'We are pleased that EIG, a preeminent, global, energy-focused investment firm, has decided to make a sizable strategic investment in Breitburn. We view the investment as an endorsement of the quality of our diversified asset portfolio and future growth prospects,' said Hal Washburn, Chief Executive Officer of Breitburn. 'The series of actions announced today bolster our financial flexibility and align us with an experienced energy investor partner to help execute our vision and avail ourselves of strategic opportunities as they arise. This transaction provides valuable pro forma excess liquidity for Breitburn and gives us the ability to opportunistically pursue strategic acquisitions in the current depressed commodity price environment. Through our 27-year history, we have emerged from each prior downturn a much stronger company, and we expect to continue this track record.'

Tags: BreitBurn Energy Partners L.P.




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