Copano Energy, L.L.C. (Nasdaq: CPNO) today announced the closing of the
sale of 971,250 additional common units pursuant to the over-allotment
option granted to the underwriters in connection with Copano's recent
public offering of 6,475,000 common units, which closed on March 8,
2010. The underwriters of Copano's recent offering exercised in full
their option to purchase 971,250 additional common units at a public
offering price of $23.10 per common unit.
Copano intends to use the net proceeds from the offering to repay a
portion of the outstanding indebtedness under its revolving credit
facility and expects to use the increased borrowing capacity as needed
for capital projects, acquisitions, hedging, working capital and general
corporate purposes.
Morgan Stanley, BofA Merrill Lynch and Wells Fargo Securities acted as
joint book-running managers of the offering, and Barclays Capital, J.P.
Morgan, RBC Capital Markets and Ladenburg Thalmann & Co. Inc. acted as
co-managing underwriters.
Houston-based Copano Energy, L.L.C. is a midstream natural gas company
with operations in Oklahoma, Texas, Wyoming and Louisiana. Its assets
include approximately 6,400 miles of active natural gas gathering and
transmission pipelines, 250 miles of NGL pipelines and seven natural gas
processing plants, with more than one billion cubic feet per day of
combined processing capacity. For more information please visit www.copanoenergy.com.
This press release may include "forward-looking statements," as defined
by the Securities and Exchange Commission. Statements that are not
historical facts and instead address activities, events or developments
that Copano believes will or may occur in the future are forward-looking
statements. These statements are based on management's experience and
perception of historical trends, current conditions, expected future
developments and other factors management believes are appropriate in
the circumstances. Such statements are subject to a number of risks and
uncertainties, many of which are beyond Copano's control. These risks
and uncertainties include the volatility of prices and market demand for
natural gas and natural gas liquids; Copano's ability to continue to
obtain new sources of natural gas supply; the ability of key producers
to continue to drill and successfully complete and attach new natural
gas supplies; Copano's ability to retain its key customers; general
economic conditions; the effects of government regulations and policies;
and other financial, operational and legal risks and uncertainties
detailed from time to time in Copano's filings with the Securities and
Exchange Commission.
