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.
Recommended Reading
Ithaca Deal ‘Ticks All the Boxes,’ Eni’s CFO Says
2024-04-26 - Eni’s deal to acquire Ithaca Energy marks a “strategic move to significantly strengthen its presence” on the U.K. Continental Shelf and “ticks all of the boxes” for the Italian energy company.
Ithaca Energy to Buy Eni's UK Assets in $938MM North Sea Deal
2024-04-23 - Eni, one of Italy's biggest energy companies, will transfer its U.K. business in exchange for 38.5% of Ithaca's share capital, while the existing Ithaca Energy shareholders will own the remaining 61.5% of the combined group.
NSTA Offers 31 More Licenses in Latest Licensing Round
2024-05-03 - The leasing round attracted 115 bids from 76 companies vying for 257 blocks and partial blocks in the U.K. Continental Shelf.
UAE's ADNOC Recently Eyed BP as Takeover Target, Sources say
2024-04-11 - The Emirati giant, Abu Dhabi National Oil Co., considered all options when looking at BP, including buying a big stake.
Hess: Pre-emption Provision Doesn't Apply to Buyout Deal With Chevron
2024-02-27 - Hess Corp. said on Feb. 27 that a pre-emption provision does not apply to its proposed $53-billion buyout by Chevron Corp. and it remains "fully committed" to the deal.