PennTex Midstream Partners LP (PTXP) opened an IPO of about 11.3 million common units, the company said May 26.
The common units represent a 28.1% limited partner interest in the partnership. Following the offering, PennTex Midstream Partners LLC and MRD WHR LA Midstream LLC will own 40.4% and 27.0%, respectively, of the limited partner interests.
PennTex Midstream Partners LLC and MRD WHR LA will also own 92.5% and 7.5%, respectively, of PTXP incentive distribution rights, and a corresponding percentage of PTXP's general partner.
Underwriters were granted a monthlong option to purchase about 1.7 million additional common units.
Common units will list on NASDAQ under the ticker “PTXP,” the company said.
Citigroup, Barclays, RBC Capital Markets, Wells Fargo Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan, SunTrust Robinson Humphrey and Tudor, Pickering, Holt & Co. are book-running managers. Raymond James, Baird, Stifel and Wunderlich are co-managers.
PennTex is an MLP formed by affiliates of Natural Gas Partners and members of management to own, operate, acquire and develop North American midstream energy infrastructure.
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