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Copano Energy Rolling Out 6 Million-Unit Offering; Stock Down 4% After Hours, Was Down 1% in Regular Trade
By: MT Newswires
Copano Energy LLC ( CPNO ) is off 4% in after-hours trading - adding to the 1.1% lost in regular hours today - with the natural-gas pipeline company launching a public offering of 6 million equity units representing limited liability company interests in the company.
CPNO also intends to grant the underwriters with options to purchase up to 900,000 additional units to cover any overallotments.
The company expects to use proceeds from the offering to repay a portion of its revolving credit facility, using the increased borrowing capacity as needed for capital projects, acquisitions and other general corporate purposes.