Eagle Rock To Fund $228M BP Plant Buy With Share Sale

Law360, New York (August 13, 2012, 6:23 PM EDT) -- Eagle Rock Energy Partners LP will sell off 8 million shares in the Houston-based upstream and midstream oil and gas outfit to fund its $228 million purchase of two BP PLC Texas gas processing plants and associated pipeline network, the buyer announced Monday.

Eagle Rock expects to net about $72 million from the sale, according to a preliminary prospectus the company filed Monday with the U.S. Securities and Exchange Commission. The prospectus, which was incomplete as of Monday afternoon, cites a per-share price of $8.96 based...
To view the full article, register now.