Investors who want to back Aubrey McClendon's new oil and gas ventures will get a chance with a $2 billion offering of units unveiled Friday.
In a filing with the Securities and Exchange Commission, American Energy Capital Partners LP said it planned to offer up to 100 million units priced at $20 per unit. Proceeds of the sale would go to develop or buy onshore oil and natural gas properties in the United States.
The preliminary prospectus spells out a layered management approach. McClendon's newly formed AECP Management LLC would manage the partnership under an agreement with American Energy Capital Partners.
“The manager has a large and growing staff of over 125 oil and gas professionals that has extensive experience in the oil and natural gas industry,” the filing said. “The manager's professional team has an average of 17 years of industry experience and includes individuals with expertise in engineering, drilling, operations, geoscience, land, finance, accounting, IT, marketing and administration.”
McClendon could not be reached for comment Friday.
McClendon's management company would be entitled to an acquisition fee of 2 percent of the price of each property acquired by the partnership, the filing said. The management company could be reimbursed another 1 percent for expenses related to those transactions. It also will receive monthly management fees from the partnership.
American Energy Capital Partners said it planned to sell a minimum of 100,000 units. It planned to terminate the offering if the minimum subscription isn't met. The partnership said it planned to sell its properties or list the company on a national exchange five to seven years after the offering closes.
Earlier this year, McClendon's American Energy — Utica LLC, raised $1.7 billion in private equity and loans for leasing and drilling costs across 110,000 acres in eastern Ohio.