Copano Energy, L.L.C. (Nasdaq: CPNO) today announced that it plans to
sell 6,300,000 common units representing limited liability company
interests in an underwritten public offering pursuant to an effective
shelf registration statement on Form S-3 previously filed with the
Securities and Exchange Commission. The underwriters have been granted a
30-day option to purchase up to 945,000 additional common units.
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 will act
as joint book-running managers of the offering. Barclays Capital, J.P.
Morgan, RBC Capital Markets and Ladenburg Thalmann & Co. Inc. will act
as co-managing underwriters of the offering. A copy of the preliminary
prospectus supplement and accompanying base prospectus relating to this
offering may be obtained from any of the underwriters, including:
Morgan Stanley & Co. Incorporated
Attn: Prospectus Department
180
Varick Street
New York, NY 10014
Email: prospectus@morganstanley.com
Telephone:
(866) 718-1649
BofA Merrill Lynch
Attn: Preliminary Prospectus Department
4
World Financial Center
New York, NY 10080
Email: Prospectus.Requests@ml.com
Wells Fargo Securities
Attn: Equity Syndicate Dept.
375 Park
Avenue
New York, NY 10152
Email: equity.syndicate@wachovia.com
Telephone:
800-326-5897
You may also obtain these documents for free when they are available by
visiting the Securities and Exchange Commission's web site at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein, nor
shall there be any sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. The offering may be made only by means of a
prospectus and related prospectus supplement meeting the requirements of
Section 10 of the Securities Act of 1933, as amended.
Houston-based Copano Energy, L.L.C. is a midstream natural gas company
with operations in Oklahoma, Texas, Wyoming and Louisiana.
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, including statements regarding Copano's plans to complete an
offering of common units. 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 market conditions, 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. Copano
undertakes no obligation to update or revise forward-looking statements
to reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time.
