Preferred Stock Offerings
By Ru Back Packer Staff, updated Thursday, February 1, 7:24 AM
Slide #170. New Source Energy Partners L.P — Preferred Stock Offering
||New Source Energy Partners L.P (NSLP)
|Date of Pricing:
|Price Per Share:
|Preferred Stock Offering Details:
||New Source Energy Partners L.P., a Delaware limited partnership (NYSE: NSLP) (the "Partnership" or "New Source"), today announced that it has commenced a public offering of $40 million of Series A Cumulative Convertible Preferred Units ("Series A Preferred Units") pursuant to an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (the "SEC"). The Partnership will grant the underwriters a 30-day option to purchase up to 15% additional Series A Preferred Units. New Source intends to use all of the net proceeds from the offering to repay a portion of the indebtedness outstanding under its revolving credit facility. - udpated 5/6 - New Source Energy Partners L.P., a Delaware limited partnership (NYSE: NSLP) (the "Partnership" or "New Source"), today announced the pricing of its public offering of 1,760,000 of its 11.00% Series A Cumulative Convertible Preferred Units ("Series A Preferred Units") at a price of $25.00 per unit. The Partnership has granted the underwriters a 30-day option to purchase up to an additional 264,000 Series A Preferred Units from the Partnership at the public offering price less the underwriting discount. Distributions will be payable on the Series A Preferred Units at an initial rate of 11.00% per annum of the stated liquidation preference of $25.00. The offering is expected to close on May 8, 2015, subject to customary closing conditions.
New Source Energy Partners owns and acquires oil and natural gas properties. Co. is engaged in the development and production of onshore oil and natural gas properties across resource reservoirs in east-central Oklahoma. Co.'s oil and natural gas properties consist of non-operated working interests primarily in the Misener-Hunton formation. Co. operates in two reportable operating segments: exploration and production, which focuses on production of oil and natural gas properties; and oilfield services, which provides services during the drilling and completion stages of a well. As of Dec 31 2014, Co. had proved reserves of approximately 16.3 million barrels of oil equivalents.
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