Mid-Con Energy Partners Prices $100.17 Mln Units Offering

(RTTNews) - Mid-Con Energy Partners, LP (MCEP) said Tuesday that it has priced 5.8 million common units representing limited partner interests in the Partnership at an offering price to the public of $17.27 per common unit in an underwritten public offering.

The underwriters have been granted a 30-day option to purchase up to an additional 870,000 common units.

The offering is expected to close on November 14.

Mid-Con Energy plans to use the net proceeds of the offering to fund a portion of the purchase price of its pending acquisition of the Eastern Shelf properties in the Permian Basin in West Texas. To the extent that the underwriters' exercise their option to purchase additional common units, Mid-Con Energy will use any additional proceeds to fund a portion of the purchase price for the pending Eastern Shelf properties acquisition unless the acquisition has closed prior to such exercise, in which case Mid-Con Energy will use any such additional proceeds to repay indebtedness outstanding under its credit facility. In the event that the acquisition of the Eastern Shelf properties does not close, Mid-Con Energy would use the net proceeds of the offering and any exercise by the underwriters of their option to purchase additional common units to repay debt outstanding under its credit facility and for general partnership purposes.