As adjusted for the split, the amount of units was reduced to about 68.6 million outstanding, down from about 685.5 million; the $1.93 unit price was adjusted to $19.30 per unit.
The registered direct offering will not have an underwriter or placement agent. Net proceeds will support working capital and general corporate purposes. Offering is scheduled to close Nov. 25.
Gross proceeds totaled about CA$460 million. Net proceeds will support capex associated with the CA$6.5 billion suite of secured growth projects, debt payments and general corporate purposes.
Noble Midstream will continue to evaluate the timing for the proposed offering as market conditions develop, the company said.
Of 37 oil and gas producers tracked by Reuters that hold credit lines backed by their reserves, 15 had credit reduced, seven saw an increase and 12 saw no change.
Mini-tender offers aren’t subject to many investor protections given to larger tender offers, including filing of disclosure and other tender offer documents with Securities and Exchange Commission and other procedures.
Sunoco LP will raise cash for the deal through a bank loan and by selling shares. The deal is scheduled to close in February 2016, Reuters said.
Government stimulus policies since the 2008-2009 recession have pushed the U.S. into a “Bizarro World” where the economy does not work as it should, according to a senior Bloomberg economist.
Total gross proceeds will be about $406 million. They will support general partnership purposes, including funding a portion of EQM’s anticipated transmission and gathering expansion in 2016.
Annual report on loan quality utilizes data that banks provided between December 2014 and March 2015. Regulators negatively classified 9.5% of the loans impacted by the review, Reuters said.
EnLink Midstream LLC is the general partner of the MLP. Following the purchase, the general partner's ownership interest in the MLP will increase to about 26.7%.
The transaction is one of the final steps in the company's restructuring, which began nearly 18 months ago, said Andrew Reckles, Legend chairman and CEO.