Blueknight Energy Partners, L.P. Announces Commencement of Rights Offering
03 Oktober 2011 - 3:00PM
Business Wire
Blueknight Energy Partners, L.P. (NASDAQ: BKEP) (“BKEP” or the
“Partnership”), a midstream energy company focused on providing
integrated services for companies engaged in the production,
distribution and marketing of crude oil, asphalt and other
petroleum products, today announced that it has commenced its
previously-announced rights offering. The Partnership has
distributed, at no charge, to the common unitholders of record as
of the close of business on September 27, 2011 (the “Record Date”)
0.5412 freely-tradable rights (each a “Right” and collectively the
“Rights”) for every common unit owned on the Record Date. Each
whole Right entitles the holder thereof to acquire, for an exercise
price of $6.50, a newly-issued Series A Preferred Unit of the
Partnership (the “Basic Subscription Right”). In addition, holders
of the Rights will be entitled, subject to limitations, to
subscribe for additional Series A Preferred Units that remain
unsubscribed as a result of any unexercised Basic Subscription
Rights at a subscription price of $6.50 per unit, as described more
fully in the prospectus supplement that the Partnership filed with
the Securities and Exchange Commission on September 27, 2011.
The Rights will begin trading on the NASDAQ Global Market on
October 3, 2011 under the symbol “BKEPR” and can be traded until
the close of business on October 31, 2011, the expiration date of
the rights offering, unless the rights offering is extended. Any
Rights that are not exercised on or before October 31, 2011, unless
the rights offering is extended, will expire and have no further
value. The rights offering will be made only by means of the
prospectus supplement, which the Partnership filed with the
Securities and Exchange Commission on September 27, 2011.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or jurisdiction.
Forward-Looking Statements
This release may include forward-looking statements. Statements
included in this release that are not historical facts are
forward-looking statements. Such forward-looking statements are
subject to various risks and uncertainties. These risks and
uncertainties include, among other things, uncertainties relating
to the impact of the refinancing of the Partnership’s debt and
recapitalization of its partnership interests upon the price of its
common units, the Partnership’s future cash flows and operations,
pending legal proceedings, future market conditions, current and
future governmental regulation, future taxation and other factors
discussed in the Partnership’s filings with the SEC. If any of
these risks or uncertainties materializes, or should underlying
assumptions prove incorrect, actual results or outcomes may vary
materially from those expected. The Partnership undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
About Blueknight Energy Partners, L.P.
BKEP owns and operates a diversified portfolio of complementary
midstream energy assets consisting of approximately 8.1 million
barrels of crude oil storage located in Oklahoma and Texas,
approximately 6.7 million barrels of which are located at the
Cushing Oklahoma Interchange, approximately 1,285 miles of crude
oil pipeline located primarily in Oklahoma and Texas, approximately
300 crude oil transportation and oilfield services vehicles
deployed in Kansas, Colorado, New Mexico, Oklahoma and Texas and
approximately 7.4 million barrels of combined asphalt product and
residual fuel oil storage located at 45 terminals in 22 states.
BKEP provides integrated services for companies engaged in the
production, distribution and marketing of crude oil, asphalt and
other petroleum products. BKEP is based in Oklahoma City, Oklahoma
and Tulsa, Oklahoma. For more information, visit the Partnership’s
web site at www.bkep.com.
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