Cone Midstream Partners LP, an MLP formed by Consol Energy Inc. (NYSE: CNX) and Noble Energy Inc. (NYSE: NBL) opened its IPO of 17.5 million common units, the company said Sept. 17.
The units, representing limited partner interests, should trade on the New York Stock Exchange under the symbol “CNNX,” the company added. They represent a 29.4% limited partner interest. Consol and Noble will each own a 34.3% limited partner interest in Cone Midstream, the company said. They will also own a 2% general partner interest in Cone Gathering LLC through their Marcellus midstream joint venture, the company added.
Underwriters were granted a monthlong option to purchase up to about 2.6 million additional units to cover overallotments, the company noted.
Wells Fargo Securities LLC, BofA Merrill Lynch, Citigroup Inc. (NYSE: C), J.P. Morgan, Baird, Barclays Plc (NYSE: BCS), Deutsche Bank Securities Inc., Goldman Sachs & Co. (NYSE: GS), Morgan Stanley (NYSE: MS), Credit Suisse (NYSE: CS) and RBC Capital Markets are book-running managers. MUFG, PNC Capital Markets LLC, BB&T Capital Markets, BBVA, BNP Paribas (PARIS: BNP), DNB Markets, Mizuho Securities and TD Securities are co-managers, the company said.
Consol Energy Inc. and Noble Energy Inc. are based in Canonsburg, Pa. and Houston, respectively. Consol operates in the Appalachian Basin and Noble explores and produces oil and natural gas worldwide.
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