|QR Energy Prices Public Offering of Common Units|
HOUSTON, TX, Apr 11, 2012 (MARKETWIRE via COMTEX) --QR Energy, LP, a Delaware limited partnership ("QRE" or "QR Energy") (NYSE: QRE), announced today that it has priced its previously announced underwritten public offering (the "offering") of 17,500,000 common units representing limited partner interests in QRE (the "common units"), of which 6,202,263 common units are being offered by QR Energy and 11,297,737 common units are being offered by QR Energy's sponsor, Quantum Resources Funds at a price to the public of $19.18 per common unit. The underwriters have been granted a 30-day over-allotment option to purchase up to an additional 2,625,000 common units. The offering is expected to close on April 17, 2012, subject to customary closing conditions.
QR Energy expects to receive net proceeds from the offering, including its general partner's related capital contribution to maintain its general partner interest and after deducting underwriting discounts but before estimated offering expenses, of approximately $114.3 million (or approximately $162.6 million if the underwriters exercise their option to purchase an additional 2,625,000 common units). QR Energy intends to use the net proceeds from the offering to repay borrowings outstanding under its credit facility. QR Energy will receive the net proceeds from the offering of 6,202,263 common units and from any exercise of the underwriters' over-allotment option. QR Energy will not receive any proceeds from the offering of 11,297,737 common units sold by Quantum Resources Funds.
Barclays, Wells Fargo Securities, BofA Merrill Lynch, Citigroup, J.P. Morgan, Raymond James, RBC Capital Markets, Credit Suisse, Goldman Sachs & Co. and UBS Investment Bank acted as joint book-running managers for the offering.
Oppenheimer & Co., Wunderlich Securities, BMO Capital Markets, Global Hunter Securities, Janney Montgomery Scott, Ladenburg Thalmann & Co. Inc., and TD Securities acted as co-managers for the offering.
When available, copies of the prospectus relating to the offering may be obtained from:
Barclays c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, New York 11717 Email: Barclaysprospectus@broadridge.com Toll Free: (888) 603-5847
Wells Fargo Securities Attn: Equity Syndicate Dept. 375 Park Avenue New York, New York 10152 Email: firstname.lastname@example.org Telephone: (800) 326-5897
BofA Merrill Lynch Attn: Prospectus Department 4 World Financial Center New York, NY 10080 Email: email@example.com
Citigroup Attn: Prospectus Department Brooklyn Army Terminal 140 58th Street, 8th Floor
Brooklyn, New York 11220 Email: firstname.lastname@example.org
Telephone: (800) 831-9146
J.P. Morgan c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, New York 11717 Telephone: (866) 803-9204
Raymond James Attn: Equity Syndicate 880 Carillon Parkway St. Petersburg, Florida 33716 Telephone: (800) 248-8863
RBC Capital Markets Attn: Equity Syndicate Three World Financial Center 200 Vesey Street, 8th Floor New York, New York 10281
Telephone: (877) 822-4089
Credit Suisse One Madison Avenue New York, New York 10010 Attn: Prospectus Department Telephone: (800) 221-1037
Goldman Sachs & Co. Attn: Prospectus Department 200 West Street
New York, NY 10282 Phone (866) 471-2526 Email: email@example.com
UBS Investment Bank Attn: Prospectus Department 299 Park Avenue
New York, NY 10171 Phone: (888) 827-7275
A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission (the "Commission"). The registration statement is available on the Commission's web site at http://www.sec.gov under the registrant's name, "QR Energy, LP." This press release shall not constitute an offer to sell or a solicitation of an offer to buy, 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.
About QR Energy, LP
QR Energy, LP is a publicly traded partnership engaged in the acquisition, production and development of onshore crude oil and natural gas properties in the United States. QR Energy is headquartered in Houston, Texas.
This press release may contain forward-looking statements within the meaning of federal securities laws. QR Energy believes that its expectations and forecasts are based on reasonable assumptions; however, no assurance can be given that such expectations and forecasts will prove to be correct. A number of factors could cause actual results to differ materially from the expectations and forecasts, anticipated results or other forward-looking information expressed in this press release, including risks and uncertainties regarding future results, capital expenditures, liquidity and financial market conditions, sufficiency of cash from operations, adverse market conditions and governmental regulations. For a more complete list of these risk factors, please read QR Energy's filings with the Commission, which are available on QR Energy's Investor Relations website at http://ir.qrenergylp.com or on the Commission's website at www.sec.gov.
Investor Contacts Taylor B. Miele Investor Relations Specialist (713) 452-2990 Cedric W. Burgher Chief Financial Officer (713) 452-2200
SOURCE: QR Energy