Shell Midstream Partners LP priced an underwritten public offering of 11 million common units representing limited partner interests at $31.75 each, the company said March 23.
The total gross proceeds will be about $350 million.
The underwriter received a month-long option to purchase about 1.6 million additional units.
The offering is expected to close March 29.
Net proceeds from this offering and from Shell Midstream’s general partner's proportionate capital contribution will repay outstanding borrowings under Shell Midstream’s revolving credit facilities and support general partnership purposes including working capital, capex or acquisitions.
Barclays is the sole book-running manager.
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