QR Energy (QRE) Prices 12M Common Offering at $16.24/Share
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QR Energy (NYSE: QRE) has priced its previously announced underwritten public offering (the "offering") of 12,000,000 common units representing limited partner interests in QRE (the "common units") at a price to the public of $16.24 per common unit. The underwriters have been granted a 30-day option to purchase up to an additional 1,800,000 common units. The offering is expected to close on December 12, 2012, subject to customary closing conditions.
QR Energy expects to receive net proceeds from the offering, including its general partner's related capital contribution to maintain its general partner interest, and after deducting underwriting discounts and estimated offering expenses, of approximately $186.7 million (or approximately $214.7 million if the underwriters exercise their option to purchase an additional 1,800,000 common units in full). QR Energy intends to use the net proceeds from the offering to repay borrowings outstanding under its credit facility and for general corporate purposes.
RBC Capital Markets, Barclays, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities and Raymond James acted as senior book-running managers for the offering.
Citigroup, Credit Suisse, and Goldman Sachs & Co. acted as junior book-running managers for the offering.
Baird, BMO Capital Markets, Janney Montgomery Scott, Oppenheimer & Co., Wunderlich Securities, Ladenburg Thalmann & Co. Inc., and MLV & Co. acted as co-managers for the offering.
QR Energy expects to receive net proceeds from the offering, including its general partner's related capital contribution to maintain its general partner interest, and after deducting underwriting discounts and estimated offering expenses, of approximately $186.7 million (or approximately $214.7 million if the underwriters exercise their option to purchase an additional 1,800,000 common units in full). QR Energy intends to use the net proceeds from the offering to repay borrowings outstanding under its credit facility and for general corporate purposes.
RBC Capital Markets, Barclays, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities and Raymond James acted as senior book-running managers for the offering.
Citigroup, Credit Suisse, and Goldman Sachs & Co. acted as junior book-running managers for the offering.
Baird, BMO Capital Markets, Janney Montgomery Scott, Oppenheimer & Co., Wunderlich Securities, Ladenburg Thalmann & Co. Inc., and MLV & Co. acted as co-managers for the offering.
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