News Release
Hi-Crush Partners LP Announces Pricing of Upsized Primary Offering of Common Units
Houston, Texas, April 29, 2016 - Hi-Crush Partners LP (HCLP), "Hi-Crush" or the "Partnership", today announced that it has priced a primary public offering of 6,000,000 units representing limited partnership interests in the Partnership (the "common units") for total gross proceeds (before underwriter`s compensation and estimated expenses) of approximately $43.8 million. The size of the offering was increased by $3.8 million from the previously announced offering size of $40.0 million. In connection with the offering, the Partnership granted the underwriter a 30-day option to purchase up to an additional 900,000 common units on the same terms. The underwriter intends to offer the common units to be sold in the offering from time to time for sale in one or more transactions on the NYSE, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to receipt and acceptance by it and subject to its right to reject any order in whole or in part. The Partnership intends to use the net proceeds from this offering for general partnership purposes. The offering is expected to close on or around May 4, 2016, subject to customary closing conditions.
Credit Suisse Securities (USA) LLC is acting as sole book-running manager for the offering.
The offering is being made pursuant to an effective shelf registration statement of the Partnership previously filed with the Securities and Exchange Commission (the "SEC"). The offering may be made only by means of a prospectus supplement and the accompanying prospectus. Copies of the prospectus supplement for the offering and the accompanying prospectus may be obtained by sending a request to: Credit Suisse Securities (USA) LLC, Prospectus Department (1-800-221-1037), One Madison Avenue, New York, New York 10010 or by email at newyork.prospectus@credit-suisse.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Hi-Crush
Hi-Crush is an integrated producer, transporter, marketer and distributor of high-quality monocrystalline sand, a specialized mineral that is used as a proppant to enhance the recovery rates of hydrocarbons from oil and natural gas wells. Our reserves, which are located in Wisconsin, consist of "Northern White" sand, a resource that exists predominately in Wisconsin and limited portions of the upper Midwest region of the United States. Hi-Crush owns and operates the largest distribution network in the Marcellus and Utica shales, and has distribution capabilities throughout North America.