Black Stone Minerals, L.P. Announces Final Results of Cash Tender Offer to Repurchase up to 100% of Its Series A Preferred Units
Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone Minerals,” “BSM,”
or the “partnership”) announced today the final results of its
previously announced cash tender offer to purchase up to 100% of the
117,963 outstanding Series A Preferred Units (the “preferred units”)
from its preferred unitholders at the units’ par value of $1,000.00 per
preferred unit, plus unpaid accrued yield. The tender offer expired at
5:00 p.m., New York City time, on Thursday, December 10, 2015.
BSM has accepted for purchase 44,295 preferred units, representing
37.55% of its outstanding preferred units, at a purchase price of
$1,019.45 per preferred unit for a total cost of approximately $45.2
million, excluding fees and expenses relating to the tender offer. BSM
is funding the purchase of preferred units in the tender offer with cash
on hand and funds available under its revolving credit facility. BSM
intends to cancel and retire the preferred units purchased pursuant to
the tender offer.
American Stock Transfer and Trust Company, LLC, the depositary for the
tender offer, will promptly issue payment for the preferred units
accepted for purchase in the tender offer.
Forward-Looking Statements
This news release includes forward-looking statements. All statements,
other than statements of historical facts, included in this news release
that address activities, events, or developments that Black Stone
Minerals expects, believes, or anticipates will or may occur in the
future are forward-looking statements. Terminology such as “will,”
“may,” “should,” “expect,” “anticipate,” “plan,” “project,” “intend,”
“estimate,” “believe,” “target,” “continue,” “potential,” the negative
of such terms, or other comparable terminology often identify
forward-looking statements. Except as required by law, Black Stone
Minerals undertakes no obligation and does not intend to update these
forward-looking statements to reflect events or circumstances occurring
after this news release. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date of
this news release. All forward-looking statements are qualified in their
entirety by these cautionary statements. These forward-looking
statements involve risks and uncertainties, many of which are beyond the
control of Black Stone Minerals, which may cause the partnership’s
actual results to differ materially from those implied or expressed by
the forward-looking statements. Important factors that could cause
actual results to differ materially from those in the forward-looking
statements include, but are not limited to, those summarized below:
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the partnership’s ability to execute its business strategies;
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the volatility of realized oil and natural gas prices;
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the level of production on the partnership’s properties;
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regional supply and demand factors, delays, or interruptions of
production;
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the partnership’s ability to replace its oil and natural gas reserves;
and
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the partnership’s ability to identify, complete, and integrate
acquisitions.
About Black Stone Minerals, L.P.
Black Stone Minerals is one of the largest owners of oil and natural gas
mineral interests in the United States. The partnership owns mineral
interests and royalty interests in over 40 states and 60 onshore basins
in the continental United States. The partnership also owns and
selectively participates in non-operating working interests in
established development programs, primarily on its mineral and royalty
holdings. The partnership expects that its large, diversified asset base
and long-lived, non-cost-bearing mineral and royalty interests will
result in production and reserve growth, as well as increasing quarterly
distributions to its unitholders.
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