Breitburn Energy Partners to sell equity, notes to EIG Global Energy Partners

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The offerings are expected to close on April 8, according to a statement.

Breitburn will issue $350 million of perpetual convertible preferred units at a price of $7.50.

The $650 million of senior secured notes, due May 2020, will pay 9.25 percent per year in interest, the statement said.

Breitburn also said that it plans to cut its common distribution to $0.50 per unit on an annualized basis in conjunction with the offerings.

"This lower distribution rate is part of an overall plan to increase Breitburn's liquidity and strategic flexibility for a potentially prolonged market downturn," the statement said.

(Reporting by Luciana Lopez; Editing by Eric Walsh)