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Net proceeds from the sale of the additional common units will be approximately USD30m (including an additional net capital contribution of USD0.6m from the company's general partner to maintain a 2% general partner interest), after deducting underwriting discounts, commission and offering expenses.
The company plans to use the net proceeds to temporarily reduce borrowings outstanding under its multi-year revolving credit facility and for general partnership purposes.
Morgan Stanley, Barclays Capital, Citi and Wells Fargo Securities are joint book-running managers for the offering. BofA Merrill Lynch, JPMorgan, Raymond James and SMH Capital are co-managers.
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