EV Energy Partners Floating New Units Issue

EV Energy Partners (NASDAQ: EVEP  ) 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 (NYSE: JPM  ) unit J.P. Morgan, Royal Bank of Canada's RBC Capital Markets, Credit Suisse (NYSE: CS  ) , Wells Fargo Securities, Raymond James (NYSE: RJF  ) , and Baird.

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

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