Alberta Investment Management Corp. (AIMCo) will purchase up to $500 million in Series B preferred units from Howard Midstream Energy Partners LLC (HEP) in a private placement, HEP said Aug. 22.
AIMCo will initially purchase $300 million units with a commitment to purchase an additional $200 million in the future. HEP will use the net proceeds to repay outstanding debt, fund capital projects and support general corporate purposes.
RBC Capital Markets and Tudor, Pickering, Holt & Co. were HEP’s financial advisers, and Latham & Watkins LLP was HEP’s legal counsel.
Evercore was AIMCo’s financial adviser, and Kirkland & Ellis LLP was AIMCo’s legal counsel.
Howard Midstream Energy Partners LLC is based in San Antonio.
Recommended Reading
Segrist: The LNG Pause and a Big, Dumb Question
2024-04-25 - In trying to understand the White House’s decision to pause LNG export permits and wondering if it’s just a red herring, one big, dumb question must be asked.
Texas LNG Export Plant Signs Additional Offtake Deal With EQT
2024-04-23 - Glenfarne Group LLC's proposed Texas LNG export plant in Brownsville has signed an additional tolling agreement with EQT Corp. to provide natural gas liquefaction services of an additional 1.5 mtpa over 20 years.
US Refiners to Face Tighter Heavy Spreads this Summer TPH
2024-04-22 - Tudor, Pickering, Holt and Co. (TPH) expects fairly tight heavy crude discounts in the U.S. this summer and beyond owing to lower imports of Canadian, Mexican and Venezuelan crudes.
What's Affecting Oil Prices This Week? (April 22, 2024)
2024-04-22 - Stratas Advisors predict that despite geopolitical tensions, the oil supply will not be disrupted, even with the U.S. House of Representatives inserting sanctions on Iran’s oil exports.
Association: Monthly Texas Upstream Jobs Show Most Growth in Decade
2024-04-22 - Since the COVID-19 pandemic, the oil and gas industry has added 39,500 upstream jobs in Texas, with take home pay averaging $124,000 in 2023.