El Paso Pipeline files IPO |
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Published
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Fri, 31 Aug 2007 23:16
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NEW YORK (AP) - El Paso Pipeline Partners LP, a natural gas assets acquisition company, on Friday filed for an initial public offering of 25 million common units.In a filing with the Securities and Exchange Commission, the Houston-based company said each common unit represents a limited partner interest in the company.El Paso Pipeline has also granted the underwriters the option to purchase up to an additional 3.75 million common units to cover any overallotments.An expected price for each unit to be offered was not disclosed, but the company said it expects to raise about $467 million from the offering after deducting expenses.The limited partnership was formed by El Paso Corp. to own and operate natural gas transportation pipelines, storage and other assets. The company's initial assets consist of Wyoming Interstate Co. Ltd. and 10 percent general partner interests in two interstate pipeline transportation businesses.For the six months ended June 30, El Paso Pipeline reported net income of $37 million on revenue of $53 million.The company plans to use the proceeds of the offering for a cash distribution to parent El Paso Corp. to reimburse the entity for capital expenditures incurred prior to the offering.Lehman Brothers, Citi, Goldman, Sachs & Co., UBS Investment Bank and Tudor, Pickering & Co. LLC are listed as the underwriters of the offering.The company plans to list the units on the New York Stock Exchange under the symbol 'EPB.'Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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El Paso to pay $15.5M in DOJ settlement 