STAR GAS PARTNERS PRICES OFFERING OF 1.6 MILLION COMMON UNITS AT $17.65 PER UNIT
STAR GAS PARTNERS PRICES OFFERING OF 1.6 MILLION COMMON UNITS AT $17.65 PER UNIT
September 18, 2002
Net proceeds from the equity offering will be used to repay a portion of the Partnership's indebtedness, and the balance is expected to be utilized to fund acquisitions and for growth capital expenditures, including the heating oil division's business process redesign program, and pending such uses the balance will be used to finance seasonal working capital requirements and for general partnership purposes.
Copies of the final prospectus relating to this offering may be obtained from the offices of A.G. Edwards & Sons, Inc., One North Jefferson Avenue, St. Louis, MO 63103, UBS Warburg, 299 Park Avenue, New York, NY 10171 or RBC Capital Markets, 60 South Sixth Street, Minneapolis, MN 55402.
Star Gas Partners, L.P. is a leading distributor of home heating oil, propane and deregulated natural gas and electricity. The Partnership is the nation's largest retail distributor of home heating oil and the nation's seventh largest retail propane distributor. The Partnership, through its wholly owned subsidiary Total Gas & Electric, also sells natural gas and electricity in the Northeast, Mid-Atlantic and Florida.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
This news announcement contains certain forward-looking information that is subject to certain risks and uncertainties as indicated from time to time in the Partnership's 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission. Included risks and uncertainties are the effects of the weather on the Partnership's financial results, competitive and propane and heating oil pricing pressures and other factors impacting the propane, home heating oil, natural gas and electricity distribution industries.