EIG Global Energy Partners and Breitburn Energy Partners (NASDAQ: BBEP) have entered into an agreement whereby Breitburn will sell EIG and other investors $350 million in Series B perpetual convertible preferred units, as well as $650 million of senior secured notes. The Series B units will be issued at a price of $7.50, representing a premium of about 27% to Breitburn's common units closing price Friday. The senior notes will come due May 2020 and pay an interest rate of 9.25% per annum. Breitburn, an independent oil and gas MLP, expects to use the net proceeds from the private offerings to repay borrowings under its credit facility. The offerings are expected to close next month.