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Copano Announces Closing of Equity Offering, Including Full Exercise of Underwriters' Option to Purchase Additional Common Units

Copano Energy, L.L.C. (NASDAQ: CPNO) today announced the closing of its previously announced public offering of 5,750,000 common units, including 750,000 common units issued pursuant to the underwriters' exercise in full of their option to purchase additional common units, at a public offering price of $34.03 per unit. Copano intends to use the approximately $187.5 million in net proceeds from this offering, after deducting underwriting discounts and commissions and estimated offering expenses, to repay a portion of the outstanding indebtedness under its revolving credit facility. Copano expects to use the increased borrowing capacity as needed for capital projects, acquisitions, hedging, working capital and general corporate purposes.

Barclays Capital, BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Deutsche Bank Securities and Wells Fargo Securities acted as joint book-running managers for the offering. Goldman, Sachs & Co. and RBC Capital Markets acted as joint lead managers of the offering. An investor may obtain a free copy of the prospectus by visiting EDGAR on the SEC website at A copy of the prospectus supplement and accompanying base prospectus relating to this offering may also be obtained from the underwriters as follows:

Barclays Capital
c/o Broadridge Financial Solutions
1155 Long Island Avenue, Edgewood, NY 11717
Telephone: (888) 603-5847

BofA Merrill Lynch
Attn: Prospectus Department
4 World Financial Center
New York, NY 10080

J.P. Morgan
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (866) 803-9204

Morgan Stanley
Attn: Prospectus Dept.
180 Varick Street, 2nd Floor
New York, New York 10014
Telephone: (866) 718-1649

Deutsche Bank Securities
Prospectus Department
Harborside Financial Center
100 Plaza One
Jersey City, New Jersey 07311
Telephone: (800) 503-4611

Wells Fargo Securities
Attn: Equity Syndicate Dept.
375 Park Avenue
New York, NY 10152
Phone: (800) 326-5897

The common units are being offered and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. 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.

About Copano Energy, L.L.C.

Copano Energy, L.L.C. (NASDAQ: CPNO) is a midstream natural gas company with operations in Texas, Oklahoma, Wyoming and Louisiana.

This press release includes "forward-looking statements," as defined by the Securities and Exchange Commission. Statements that address activities or events that Copano believes will or
may occur in the future are forward-looking statements. These statements include, but are not limited to, statements about the intended use of offering proceeds and other aspects of the common unit offering. These statements are based on management's experience and perception of historical trends, current conditions, expected future developments and other factors management believes are reasonable. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the following risks and uncertainties, many of which are beyond Copano's control: price volatility and market demand for natural gas and natural gas liquids; Copano's ability to continue to obtain new sources of natural gas supply and retain its key customers; the impact on volumes and resulting cash flow of technological, economic and other uncertainties inherent in estimating future production, producers' ability to drill and successfully complete and attach new natural gas supplies and the availability of downstream transportation systems and other facilities for natural gas and NGLs; higher construction costs or project delays due to inflation, limited availability of required resources or the effects of environmental, legal or other uncertainties; 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 does not undertake any duty to update any forward-looking statement except as provided by law.



Carl Luna, SVP & CFO
Copano Energy, L.L.C.
Jack Lascar /
Anne Pearson /
DRG&L / 713-529-6600

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