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Bank of America Merrill Lynch arranged a $300 million private placement of convertible preferred shares for natural gas gathering and processing firm Copano Energy LLC.
The placement is the second major energy company placement arranged by BofA Merrill this week, following a $300 million common stock placement for oil and gas producer Concho Resources announced Monday.
Houston-based Copano said it issued preferred stock to a unit of private equity firm TPG Capital. The securities were priced at $29.05 each, reflecting a 10% premium over the 30-day volume weighted average stock price for Copano as of Monday.
The preferred shares will pay quarterly distributions of 72.625 cents each in kind for three years. After three years, Copano will have the option of paying the distributions at the same amount in kind, in cash or in some combination.
Copano said it plans to use the proceeds to fund its expansion in the Eagle Ford Shale trend in southern Texas, and other growth initiatives in Texas and Oklahoma.
Previously, Copano has raised a total of $560 million from five private placements since 2005.
Earlier this week, Midland, Texas-based Concho Resources announced a $300 million private placement to help finance its $1.65 billion acquisition of oil and gas properties in New Mexico from privately held Marbob Energy.
Source: Press Release
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