Copano Energy Prices 5M-Unit Offering At Discount
Friday, January 13, 2022 10:08 AM

Copano Energy LLC (NASDAQ:CPNO) has priced a public offering of 5 million units at $34.03 each, a 3 percent discount to yesterday's close.

Shares of the Houston, Texas-based midstream natural gas company dropped 4.2 percent to $33.85 in early trade on Friday.

Copano plans to use the net proceeds to acquire additional common units, to repay a portion of debt and expects to use the increased borrowing capacity as needed for capital projects, acquisitions, hedging and working capital. 

Barclays Capital, BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Deutsche Bank Securities and Wells Fargo Securities are joint book-running managers for the offering.  Goldman, Sachs & Co. and RBC Capital Markets are acting as joint lead managers of the offering.

Copano owns and operates natural gas gathering and intrastate transmission pipeline assets, natural gas processing and fractionation facilities, and natural gas liquid (NGL) pipelines in Oklahoma, Texas, Wyoming, and Louisiana.