Delaware-based Dominion Resources Inc. subsidiary Dominion Midstream Partners LP launched its IPO of 17,500,000 common units representing limited partner interests pursuant to a Registration Statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission. Dominion Midstream will also grant the underwriters a 30-day option to purchase up to an additional 2,625,000 common units at the IPO price. Dominion Midstream will list its common units on the New York Stock Exchange under the ticker symbol “DM,” subject to official notice of issuance.
The common units offered represent a 27.4% limited partner interest in Dominion Midstream, or a 31.5% limited partner interest if the underwriters purchase the additional common units. Dominion, through certain of its subsidiaries, will own the remaining 72.6% limited partner interest in Dominion Midstream, or 68.5% if the underwriters purchase the additional common units.
Barclays, Citigroup, J.P. Morgan, BofA Merrill Lynch, Goldman, Sachs & Co., UBS Investment Bank and Morgan Stanley are acting as joint book-running managers for the offering. RBC Capital Markets and Scotiabank/Howard Weil are acting as co-managers.
Recommended Reading
Apollo to Buy, Take Private U.S. Silica in $1.85B Deal
2024-04-26 - Apollo will purchase U.S. Silica Holdings at a time when service companies are responding to rampant E&P consolidation by conducting their own M&A.
Deep Well Services, CNX Launch JV AutoSep Technologies
2024-04-25 - AutoSep Technologies, a joint venture between Deep Well Services and CNX Resources, will provide automated conventional flowback operations to the oil and gas industry.
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers as the company looks to shed debt for its Equitrans Midstream acquisition.
Matador Hoards Dry Powder for Potential M&A, Adds Delaware Acreage
2024-04-24 - Delaware-focused E&P Matador Resources is growing oil production, expanding midstream capacity, keeping debt low and hunting for M&A opportunities.
TotalEnergies, Vanguard Renewables Form RNG JV in US
2024-04-24 - Total Energies and Vanguard Renewable’s equally owned joint venture initially aims to advance 10 RNG projects into construction during the next 12 months.