Oil giant BP is floating its US pipeline asset business on the New York Stock Exchange (NYSE).
BP Midstream announced last night that the initial public offering had started.
The firm, a subsidiary of the supermajor, said that 42,500,000 common units representing limited partner interests were to be set an anticipated price of between $19.00 and $21.00 per common unit.
The common units have been authorized for listing on the New York Stock Exchange under the ticker symbol “BPMP,” subject to official notice of issuance.
The underwriters of the offering will have a 30-day option to purchase up to an additional 6,375,000 common units from BP Midstream Partners.
The common units being offered represent an approximate 40.6% limited partner interest in BP Midstream Partners, or an approximate 46.7% limited partner interest if the underwriters exercise in full their option to purchase additional common units.
BP p.l.c., through its indirect subsidiaries, will own the remaining limited partner interest in BP Midstream Partners, as well as its general partner and incentive distribution rights.
Citigroup is acting as sole structuring agent and joint book-running manager for the offering.
Goldman Sachs, Morgan Stanley, Barclays, Credit Suisse, J.P. Morgan and UBS Investment Bank are also acting as joint book-running managers.
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