Shell Midstream Partners LP, a limited partnership formed by Royal Dutch Shell Plc (NYSE: RDS-A, RDS-B), launched its IPO of 37.5 million common units, representing limited partner interests.
The common units are expected to be listed on the New York Stock Exchange under the ticker symbol "SHLX." The underwriters of the offering will have a 30-day option to purchase up to some 5.6 million additional units, The Hague, the Netherlands-based company said in a Oct. 20 release.
The common units being offered represent a 27.2% limited partner interest in Shell Midstream Partners, or a 31.3% limited partner interest if the underwriters exercise in full their option to purchase additional common units. Royal Dutch Shell, through certain of its subsidiaries, will own the remaining limited partner interest in Shell Midstream Partners, as well as its 2% general partner interest.
Barclays, Citigroup, Morgan Stanley and UBS Investment Bank are book-running managers. Credit Suisse, Goldman Sachs, JP Morgan, Wells Fargo, RBC Capital Markets and Credit Agricole are co-managers.
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