SandRidge Energy Inc. (NYSE: SD) announced Oct. 24 that its midstream subsidiary, MidCon Midstream LP, filed a registration statement for its proposed IPO.
MidCon Midstream is a Delaware limited partnership recently formed by SandRidge to own, operate, acquire and develop assets used to gather, process and dispose of saltwater produced alongside oil and natural gas. The company expects its initial assets will include well connections, gathering pipelines and disposal wells in the Midcontinent region.
The number of common units to be offered and the price range for the offering have not been determined. MidCon Midstream intends to apply for a listing of the common units on the New York Stock Exchange.
SandRidge will own the general partner of MidCon Midstream and all of its incentive distribution rights and expects to initially retain a majority of the company's units representing limited partner interests.
A substantial majority of the net proceeds of the offering are expected to be distributed to SandRidge.
BofA Merrill Lynch and Barclays are joint book-running managers for the proposed offering. The offering of common units will be made only by means of a prospectus.
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