Plains GP Holdings LP launched its initial public offering of 128 million class A shares at an anticipated $22 and $25 per share.
The partnership expects to grant the underwriters a 30-day option to purchase up to an additional 19.2 million shares. The partnership has been approved to list its class A shares on the New York Stock Exchange under the symbol “PAGP,” subject to official notice of issuance.
Barclays, Goldman, Sachs & Co., J.P. Morgan, BofA Merrill Lynch, Citigroup, UBS Investment Bank, and Wells Fargo Securities are joint book-running managers.
The offering is pursuant to a registration statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission (SEC). The registration statement has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This offering will be made only by means of a written prospectus.
Plains GP Holdings LP is an affiliate of Plains All American Pipeline LP (NYSE: PAA). PAA engages in the transportation, storage, terminalling, and marketing of crude oil and refined products in the U.S. and Canada. The company is headquartered in Houston.