Attached files
file | filename |
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8-K - Breitburn Energy Partners LP | v198444_8k.htm |
EX-1.1 - EX-1.1 - Breitburn Energy Partners LP | v198444_ex1-1.htm |
EX-4.1 - EX-4.1 - Breitburn Energy Partners LP | v198444_ex4-1.htm |
EX-4.2 - EX-4.2 - Breitburn Energy Partners LP | v198444_ex4-2.htm |
Exhibit
99.1
FOR
IMMEDIATE RELEASE
BreitBurn
Energy Partners Prices Offering of $305 Million of 8.625% Senior
Notes
LOS
ANGELES, October 1, 2010 — BreitBurn Energy Partners
L.P. (the “Partnership”) (NASDAQ:BBEP) announced today that it priced its
private offering to eligible purchasers of $305 million principal amount of
8.625% Senior Notes due 2020 at an offering price equal to 98.358% of par. The
offering was upsized from the previously announced $250 million to $305
million. The Partnership intends to use the net proceeds, after
expenses, from the notes offering of approximately $291.4 million to reduce
borrowings under its bank credit facility. The offering is expected
to close on October 6, 2010, subject to satisfaction of customary closing
conditions.
The notes
to be offered have not been registered under the Securities Act of 1933, as
amended (the “Securities Act”), or any state securities laws and, unless so
registered, may not be offered or sold in the United States except pursuant to
an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable state securities
laws.
The notes
will be offered only to qualified institutional buyers in reliance on Rule 144A
under the Securities Act and non-U.S. persons in transactions outside the United
States in reliance on Regulation S under the Securities Act.
This
announcement shall not constitute an offer to sell or the solicitation of an
offer to buy the notes nor shall there be any sale of the notes in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.
Cautionary Statement
Regarding Forward-Looking Information
This
press release contains forward-looking statements relating to BreitBurn's
operations that are based on management's current expectations, estimates and
projections about its operations. Words and phrases such as “intends,” “to be
offered,” and variations of such words and similar expressions are intended to
identify such forward-looking statements. These statements are not guarantees of
future performance and are subject to certain risks, uncertainties and other
factors, some of which are beyond our control and are difficult to predict.
These include risks relating to the Partnership’s financial performance and
results, availability of sufficient cash flow to execute our business plan, our
level of indebtedness, a significant reduction in the borrowing base under our
bank credit facility, our ability to raise capital, prices and demand for
natural gas and oil, our ability to replace reserves and efficiently develop our
current reserves, political and regulatory developments relating to taxes,
derivatives and our oil and gas operations, and the factors set forth under the
heading “Risk Factors” incorporated by reference from our Annual Report on Form
10-K filed with the Securities and Exchange Commission on March 11, 2010, our
Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K. Therefore,
actual outcomes and results may differ materially from what is expressed or
forecasted in such forward-looking statements. The reader should not place undue
reliance on these forward-looking statements, which speak only as of the date of
this press release. Unless legally required, BreitBurn undertakes no obligation
to update publicly any forward-looking statements, whether as a result of new
information, future events or otherwise. Unpredictable or unknown
factors not discussed herein also could have material adverse effects on
forward-looking statements.
Investor
Relations Contacts:
James G.
Jackson
Executive
Vice President and Chief Financial Officer
(213)
225-5900 x273
or
Gloria
Chu
Investor
Relations
(213)
225-5900 x210
BBEP-IR
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