EOTT ENERGY PARTNERS, L.P. EQUITY OFFERING PRICED AT $16 PER UNIT
FOR IMMEDIATE RELEASE: Thursday, September 23, 1999
HOUSTON - EOTT Energy Partners, L.P. (EOTT) announced today that it priced its public offering of 3.5 million common units at $16 per unit.
The managing underwriters are PaineWebber Incorporated, Lehman Brothers, Dain Rauscher Incorporated and ING Barings. The underwriters have been granted an over-allotment option for an additional 525,000 common units.
EOTT expects to receive net proceeds of approximately $52.9 million from this equity offering. If the over-allotment option is exercised in full, net proceeds to EOTT are expected to be $60.9 million. The proceeds will be used to repay debt incurred in conjunction with acquisitions.
EOTT Energy Partners, L.P. is a major independent gatherer and marketer of crude oil in the United States and Canada. Together with its predecessors, the Partnership has been serving the petroleum industry since 1946. Both EOTT Energy Partners, L.P. and EOTT Energy Corp., the general partner, are headquartered in Houston, Texas. The common units of EOTT Energy Partners, L.P. trade on the NYSE under the symbol “EOT.”
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For additional information please contact:
Hardie Davis
(713) 853-6941
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