Breitburn Energy Partners LP on Thursday said that it is planning a private offering to eligible purchasers of $250 million in senior unsecured notes.

The Los Angeles oil and gas partnership said it intends to use the net proceeds to reduce borrowings under its bank credit facility. The notes, which will be due in 2020, will be offered only to qualified institutional buyers.

Shares were up 32 cents, or nearly 2 percent, to $17.55 in midday trading on the Nasdaq.