Independent oil and gas company Pioneer Southwest Energy Partners LP on Wednesday priced a public offering of 2.7 million common units representing limited partner interests at $20.74 per unit.
The company said net proceeds from the offering, estimated to be $53 million, will be used by Pioneer Southwest to pay off debt. The offering is scheduled to close Nov. 16. The company granted the underwriters a 30-day option to buy up to 405,000 additional common units.
Shares of the company rose 26 cents to $44.40 in morning trading.