Preferred Stock Channel
Blueknight Energy Partners LP | Series A Preferred Units (BKEPP)

Prospectus excerpt:  We are distributing, at no charge, to the holders of our common units representing limited partner interests as of 5:00 p.m., New York City time, on September 27, 2011 (the “Record Date”), transferable subscription rights (the “Rights”) to subscribe for Series A Preferred Units representing limited partner interests in our partnership. Our common unitholders will receive 0.5412 Rights for each common unit held of record as of the Record Date. As of the Record Date, we had 21,890,224 common units issued and outstanding. Accordingly, we are distributing Rights exercisable for up to 11,846,990 Series A Preferred Units. We expect the total purchase price for all of the Series A Preferred Units offered in this rights offering to be approximately $77.0 million, assuming full participation. The Series A Preferred Units are convertible in whole or in part into common units at the holder’s election as set forth in this prospectus supplement. In addition, under certain circumstances, we can convert all of the Series A Preferred Units into common units. See “Questions and Answers Related to the Rights Offering.”

Each whole Right entitles the holder (including holders of Rights acquired during the subscription period) to purchase for $6.50 in cash one Series A Preferred Unit, which we refer to as the Basic Subscription Right. In addition, holders of Rights will be entitled, subject to limitations, to subscribe (the “Over-Subscription Right”) for additional Series A Preferred Units that remain unsubscribed as a result of any unexercised Basic Subscription Rights (which we collectively refer to as the “Excess Preferred Units”) at the subscription price of $6.50 per unit.

The Rights will expire if they are not exercised by 5:00 p.m., New York City time, on October 31, 2011 (the “Expiration Date”), unless we extend the offering period. Any Rights not exercised by the Expiration Date will expire worthless without any payment to the holders of those unexercised Rights. There is no minimum subscription amount required for consummation of this rights offering.

Full Prospectus PDF », BKEP Page »

Series:A
Perpetual?:Yes
Shares Offered:11,846,990
CDx3 Compliance Rating: Learn BKEPP's Rating
Blueknight Energy Partners provides terminalling services for companies engaged in the production, distribution, and marketing of liquid asphalt. Co. manages its operations via a segment, asphalt terminalling services. Co.'s general partner, Blueknight Energy Partners G.P., L.L.C., has sole responsibility for conducting its business and for managing its operations. Co. provides asphalt terminalling services to marketers and distributors of liquid asphalt and asphalt-related products. Co. serves the asphalt industry by providing its customers access to their market areas through a combination of leasing its liquid asphalt facilities and providing terminalling services at certain facilities.

Preferred: BKEPP


Open the BKEP Information Page »
Name:  Blueknight Energy Partners LP
Website:  www.bkep.com
Sector:  Oil & Gas Equipment & Services

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