Delaware-based Dominion Midstream Partners LP, a subsidiary of Dominion Resources Inc., announced the pricing of its IPO of 17,500,000 common units representing limited partner interests in Dominion Midstream at $21.00 per common unit, pursuant to a registration statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission (SEC). Dominion Midstream also granted the underwriters a 30-day option to purchase up to an additional 2,625,000 common units at the IPO price. The common units are expected to begin trading on the New York Stock Exchange under the ticker symbol “DM.” The offering will close on or about Oct. 20, subject to customary closing conditions.
At closing, the public will own a 27.4% limited partner interest in Dominion Midstream, or a 31.5% limited partner interest if the underwriters exercise in full their option to purchase the additional common units offered. Dominion, through its subsidiaries, will own the remaining 72.6% limited partner interest, or a 68.5% limited partner interest if the underwriters exercise in full their option to purchase additional common units, and Dominion Midstream’s general partner, which holds all of Dominion Midstream’s incentive distribution rights.
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 for the offering.
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