EDITOR'S NOTE: BreitBurn Energy on Thursday priced its public offering at $18.51 a partnership unit, a 4 percent discount to the previous day's closing price. It expects to receive net proceeds of about $178 million.

BreitBurn Energy Partners on Wednesday said that it plans to raise money by selling 10 million partnership units.

BreitBurn did not price the offering, but it would raise about $193 million in gross proceeds if each unit were priced at today’s stock price.

After the markets closed, the Los Angeles oil and gas developer said it intends to use net proceeds to pay off debt in its revolving credit facility. The partnership will give underwriters Wells Fargo Securities, BofA Merrill Lynch, Barclays, Citigroup, RBC Capital Markets and UBS Investment Bank a 30-day option to purchase up to 1.5 million additional units to handle any overallotments.

BreitBurn last month reported lower-than-expected second quarter earnings per share on lower revenue, although the company’s gross margins improved.

Shares closed up 13 cents, or less than 1 percent, to $19.29 on the Nasdaq on Wednesday, but fell 4 percent in after-hours trading.