Memorial Production Prices Public Offering At $22.29 Per Unit

(RTTNews) - Memorial Production Partners LP (MEMP) said Thursday it has priced its public offering of 13 million common units representing limited partner interests in MEMP at a price to the public of $22.29 per unit.

MEMP has granted the underwriters a 30-day option to purchase up to an additional 1.95 million common units. The offering is expected to close on September 9.

MEMP intends to use the net proceeds from the offering, including its general partner's proportionate capital contribution and after deducting underwriting discounts but before estimated offering expenses, of about $279.9 million to repay a portion of the outstanding borrowings under its revolving credit facility.