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Blueknight Energy Partners ups offering to 3,300,000 units, sets price

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Blueknight Energy Partners ups offering to 3,300,000 units, sets price

upsized its recently announcedpublic offering to 3,300,000 common units, priced at $5.90 per unit.

Previously,the offering was for 3,000,000 units. The underwriter is now granted a 30-dayoption to buy up to 495,000 additional units, according to a July 20 newsrelease.

Thepartnership plans to use the net proceeds to fund part of its repurchase of13,335,390 series A preferred units from Blueknight Energy Holdings Inc. andCB-Blueknight LLC. Ifthe transaction is not closed, Blueknight would use the proceeds for generalpartnership purposes, including paying off outstanding borrowings from itscredit facility.

Theoffering is scheduled to close July 26. Wells Fargo Securities is acting as thesole underwriter for the offering.