Copano Energy has issued $300m of convertible preferred equity to an affiliate of TPG Capital, a leading global private investment firm to fund its expansion plans.
Copano plans to use the proceeds from the private placement to fund its Eagle Ford Shale expansion strategy and other growth initiatives in Texas and Oklahoma, US.
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The preferred units were valued at $29.05 per unit, a 10% premium to the 30-day volume weighted average price of Copano’s common units as of 19 July 2010.
Copano Energy president and CEO Bruce Northcutt said that with TPG’s support of its Eagle Ford Shale expansion plans and other capital initiatives, this transaction will further Copano Energy’s objective to increase the scale and stability of its cash flow.
