HOUSTON, Dec. 22, 2011 (GLOBE NEWSWIRE) -- Memorial Production Partners LP (Nasdaq:MEMP), announced today that underwriters of its previously underwritten initial public offering of 9,000,000 common units representing limited partnership interests in MEMP, which closed on December 14, 2011, have purchased an additional 600,000 common units at a price to the public of $19.00 per unit pursuant to their over-allotment option.
Total net proceeds from the sale of these additional common units, after deducting underwriting discounts and commissions, a structuring fee and offering expenses, are approximately $10,659,000, which net proceeds MEMP intends to use to reduce outstanding borrowings under its new revolving credit facility.
As a result of this exercise of the over-allotment option, the public now owns a 43.5% limited partner interest in MEMP. The remaining limited partner interest is owned by Memorial Resource Development LLC.
Citigroup, Raymond James and Wells Fargo Securities were joint book-running managers for the offering. Barclays Capital, J.P. Morgan and RBC Capital Markets were co-lead managers and Sanders Morris Harris was co-manager.
The offering of common units was made only by means of a prospectus. Copies of the prospectus relating to the initial public offering may be obtained from the offices of:
| Citigroup Global Markets Inc. |
| Attn: Prospectus Department |
| Brooklyn Army Terminal |
| 140 58th Street, 8th Floor |
| Brooklyn, New York 11220 |
| Telephone: (800) 831-9146 |
| Email: batprospectusdept@citi.com |
| Raymond James & Associates, Inc. |
| Attn: Equity Syndicate |
| 880 Carillon Parkway |
| St. Petersburg, Florida 33716 |
| Telephone: (800) 248-8863 |
| Wells Fargo Securities, LLC |
| Attn: Equity Syndicate Dept. |
| 375 Park Avenue |
| New York, New York 10152 |
| Telephone: (800) 326-5897 |
| Email: cmclientsupport@wellsfargo.com |
A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission (the "SEC"). The registration statement is available on the SEC's web site at www.sec.gov under the registrant's name, "Memorial Production Partners LP." This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities 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.
Memorial Production Partners LP is a Delaware limited partnership that was formed to own and acquire oil and natural gas properties in North America. MEMP's properties are located in South and East Texas and consist of mature, legacy onshore oil and natural gas reservoirs.
The Memorial Production Partners logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11158
This press release contains forward-looking statements as defined under federal securities laws. These forward-looking statements involve certain risks and uncertainties, including, among others, our business plans may change as circumstances warrant. MEMP undertakes no obligation to publicly update or revise any forward-looking statement.