Shell Midstream Partners LP, a limited partnership formed by Royal Dutch Shell Plc (Shell), launched its IPO of 37,500,000 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.” Underwriters of the offering will have a 30-day option to purchase up to an additional 5,625,000 common units from the partnership.
The common units offered represent a 27.2% limited partner interest in Shell Midstream Partners, or a 31.3% interest if the underwriters fully exercise their option to purchase additional common units. Shell, through certain of its subsidiaries, will own the remaining limited partner interest in the partnership, as well as its 2% general partner interest.
Barclays, Citigroup, Morgan Stanley and UBS Investment Bank are acting as book-running managers for the offering. Credit Suisse, Goldman Sachs, JP Morgan, Wells Fargo, RBC Capital Markets and Credit Agricole are acting as co-managers.
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