VOC Energy Trust - 2011-07-05


The statutory trust offering exposure to oil and natural gas production in Kansas and Texas, raised $232.8 million in its initial public offering, pricing shares at the top of the proposed price range. The trust sold 11.09 million trust units for $21 each. The trust was formed by VOC Sponsor, a privately held limited partnership engaged in production and development of oil and natural gas around Kansas and Texas, according to its filing. VOC Sponsor effectively combines VOC Brazos Energy Partners LP and VOC Kansas Energy Partners LLC. The Delaware statutory trust is expected to own a term net profit interest in the limited partnership's exposure to the
oil and gas production in the two states, receiving 80 percent of the net proceeds. VOC Sponsor, which offered all the units sold in the IPO, plans to use net proceeds to repay debt, buy back some outstanding equity interests and pay cash distributions. VOC Energy Trust also plans to pay cash distributions to unitholders, expected to start on August 15. Raymond James & Assoc. Inc. and Morgan Stanley led underwriters on the IPO.

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