Azure greenshoe applied in $50.87 million public sale of common units

BofA, JPMorgan, Wells Fargo and RBC Capital are bookrunners for sale

By Devika Patel

Knoxville, Tenn., July 17 – Azure Midstream Partners, LP said the underwriters for its public offering of common units opted to exercise the deal’s $7.44 million greenshoe in part, lifting total proceeds of the offering to $50.87 million. The deal was announced June 16 and priced for $49.6 million with the greenshoe on June 17.

The company sold 3.59 million units at $14.17 per unit, a 2.68% premium to the June 17 closing share price of $13.80. Of the units, 90,000 were part of the partially exercised greenshoe.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and RBC Capital Markets, LLC were the bookrunning managers.

Proceeds will be used to repay debt under the company’s credit facility.

The Dallas company was formed to develop, own, operate and acquire midstream energy assets.

Issuer:	Azure Midstream Partners, LP
Issue:	Common units
Amount:	$50,870,300, including $1,275,300 greenshoe of 90,000 units
Units:	3.59 million
Price:	$14.17
Warrants:	No
Bookrunners:	BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and RBC Capital Markets, LLC
Co-managers:	Robert W. Baird & Co. Inc. and Stifel, Nicolaus & Co., Inc. (senior), Janney Montgomery Scott LLC and Oppenheimer & Co. Inc.
Announcement date:	June 16
Pricing date:	June 18
Settlement date:	June 22
Stock symbol:	NYSE: AZUR
Stock price:	$13.80 at close June 17
Market capitalization:	$268.18 million

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