The new notes will have the same terms as the old notes, except that the new notes will be registered under the Securities Act of 1933 and will not have any of the transfer restrictions, registration rights or provisions for additional interest relating to the old notes.
The partnership intends to use the net proceeds from this offering, including any net proceeds from the underwriters’ exercise of their option, for capital expenditures for currently identified projects.
Oil and gas executives are generally optimistic about the prospect for growth in the year ahead but are somewhat anxious about the prospect for long-term profits, according to a recent survey of senior executives.
January is usually a pretty quiet month when it comes to acquisitions, but Kinder Morgan Energy Partners started 2013 with a bang by announcing they had reached an agreement to acquire Copano Energy for approximately $5 billion.
The assets included in this transaction consist of more than 40 miles of newly constructed, high-pressure gas-gathering pipelines, certain rights-of-way associated with the pipeline and two compressor stations totaling more than 21,000 horsepower of combined compression.
The acquired assets consist of a 200MMcf-per-day cryogenic gas processing plant and 22 miles of gas gathering pipeline in Hemphill County, Texas, and approximately 30 miles of rights-of-way associated with the future construction of a high-pressure trunk line.
The consolidation of the properties of Pioneer and Pioneer Southwest in the Midland basin in West Texas through this proposed transaction would facilitate Pioneer’s plans to fully and optimally develop the area and would provide organizational, operational and administrative efficiencies, according to the company’s statement.
MasTec Inc. announced it has acquired Big Country Energy Services Inc. and its affiliated operating companies for about $103 million in cash, the assumption of about $24 million in debt and a five-year contingent earn-out.
In connection with this offering, the partnership will receive net proceeds after offering expenses of approximately $327.4 million, including the general partner's proportionate capital contribution of $6.8 million to maintain its 2% general partner interest.