Reuters logo
BP Midstream Partners' IPO priced below proposed range - source
2017年10月25日 / 晚上10点27分 / 24 天前

BP Midstream Partners' IPO priced below proposed range - source

Oct 25 (Reuters) - BP Midstream Partners’ initial public offering was priced at $18 per share, according to a source close to the matter, below the expected price range of $19 to $21 each.

The 42.5 million share offering raised about $765 million and the company is scheduled to debut on the New York Stock Exchange under the symbol “BPMP” on Thursday.

At $18, BP Midstream, a unit of British energy company BP Plc, has a market value of about $1.9 billion.

BP Midstream is a master limited partnership (MLP) formed by London-based BP's U.S. pipeline unit and transports crude oil, refined products and diluents to customers under long-term agreements. (bit.ly/2ge6biF)

An MLP is a tax-advantaged structure often used by pipeline and other capital-intensive companies to distribute excess cash to investors in the form of tax-deferred dividends.

BP Midstream, which operates in Midwestern United States and in the Gulf of Mexico, posted net income attributable of $63 million for the six months ended June 30, on a pro forma basis.

Citigroup, Goldman Sachs, Morgan Stanley, Barclays are among the top underwriters to the IPO. (Reporting by Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila)

我们的标准:汤森路透“信任原则”
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below