Pioneer Southwest Energy raises $61M in offering

AP News
Posted: Nov 16, 2009 11:31 AM

Independent oil and gas company Pioneer Southwest Energy Partners LP said Monday it raised an estimated $61 million in a previously announced public offering of 3.1 million common units.

The company said it has closed the offering and plans to use the proceeds to repay debt under its revolving credit facility.

The units represented limited partner interests and included 405,000 units purchased by underwriters who exercised an option to buy them.

Shares of the company rose 8 cents to $20.98 in morning trading.