EV Energy Partners Floating New Units Issue

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EV Energy Partners is hoping to energize its capital base with a new units offering. The company announced it is floating 5 million of its common units in an underwritten public issue. Additionally, the partnership intends to grant the offering's underwriters a 30-day purchase option for up to an additional 750,000 units to cover over allotments, if any.

EV Energy Partners said it plans to use the proceeds of the issue to retire debt.

The joint book-running managers of the offering are Citigroup, JPMorgan Chase unit J.P. Morgan, Royal Bank of Canada's RBC Capital Markets, Credit Suisse, Wells Fargo Securities, Raymond James, and Baird.

At the moment, EV Energy Partners has 42.6 million units outstanding, which most recently closed at $38.45 per unit.

The article EV Energy Partners Floating New Units Issue originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Citigroup, JPMorgan Chase, and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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