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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Wed., Jul. 27, 5:38 AM

Slide #12. Blueknight Energy Partners, L.P. Secondary Offering

Company: Blueknight Energy Partners, L.P. (NASDAQ:BKEP)
Date announced: 7/20/2016
Shares Offered: 3,300,000
Date of Pricing: 7/20/2016
Price Per Share: $5.90
Secondary Offering Details: Blueknight Energy Partners, L.P. (NASDAQ:BKEP) ("BKEP" or the "Partnership") today announced the commencement of an underwritten public offering of 3,000,000 common units representing limited partner interests of the Partnership. The Partnership will also grant the underwriter a 30-day option to purchase up to 450,000 additional common units. The Partnership intends to use the net proceeds from the offering, including any net proceeds from the underwriter's exercise of its option to purchase additional common units, to fund a portion of the repurchase of 13,335,390 of its Series A preferred units from Blueknight Energy Holdings, Inc. and CB-Blueknight, LLC. If the share repurchase does not close, then the Partnership intends to use the net proceeds from this offering for general partnership purposes, including, among other things, repayment of borrowings outstanding under our credit facility.-updated 7/20- Blueknight Energy Partners, L.P. (NASDAQ:BKEP) ("BKEP" or the "Partnership") today announced that it has priced an underwritten public offering of common units representing limited partner interests of the Partnership at a public offering price of $5.90 per common unit. The size of the offering has been upsized from 3,000,000 common units to 3,300,000 common units. The offering is expected to close on or about July 26, 2016, subject to customary closing conditions. The Partnership has also granted the underwriter a 30-day option to purchase up to 495,000 additional common units. The Partnership intends to use the net proceeds from the offering, including any net proceeds from the underwriter's exercise of its option to purchase additional common units, to fund a portion of the repurchase of 13,335,390 of its Series A preferred units from Blueknight Energy Holdings, Inc. and CB-Blueknight, LLC. If the share repurchase does not close, then the Partnership intends to use the net proceeds from this offering for general partnership purposes, including, among other things, repayment of borrowings outstanding under the Partnership's credit facility.

Blueknight Energy Partners provides integrated terminalling, storage, gathering and transportation services for companies engaged in the production, distribution and marketing of crude oil and liquid asphalt cement. Co. owns, operates and develops a portfolio of complementary midstream energy assets. Co.'s operating assets are owned by, and its operations are conducted through, its subsidiaries. Co. manages its operations through four operating segments: crude oil terminalling and storage services; crude oil pipeline services; crude oil trucking and producer field services; and asphalt services. Co.'s crude oil operations are located primarily in Oklahoma, Kansas and Texas.

Preferred: BKEPP


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Company Name:  Blueknight Energy Partners L P
Website:  www.bkep.com
Sector:  Oil & Gas Equipment & Services
 

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July 27, 2016    5:38 AM Eastern
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