Dominion Midstream Partners LP a subsidiary of Dominion Resources Inc. (NYSE:D), opened its IPO of 17.5 million common units, the company said Oct. 6. They were priced between $19 and $21, and proceeds of about $324.4 million are expected, according to the S-1 filing with the Securities and Exchange Commission.
The units represent limited partner interests, and underwriters were granted a monthlong option to purchase up to 2.6 million additional units, Dominion Midstream added.
The units will trade on the New York Stock Exchange under the ticker "DM," the company added.
The units represent a 27.4% limited partner interest in Dominion Midstream, the company said, noting that the parent company will own the remaining 72.6% limited partner interest.
Proceeds will support the Cove Point LNG project, according to the S-1.
According to the S-1, Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce Fenner & Smith Inc., Goldman Sachs & Co. (NYSE: GS), UBS Securities LLC and Morgan Stanley & Co. LLC are joint book-running managers. RBC Capital Markets LLC and Scotiabank/Howard Weil are co-managers.
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