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.
