BP Midstream Completes IPO Of Units For US$765 Million

Published: Sep 11 2017
Deal Summary

BP Midstream Partners LP, a company that provides midstream services, and a wholly-owned subsidiary of BP P.L.C., an integrated oil and gas company, completed the initial public offering (IPO) of 42.5 million (MM) units, at a price of US$18 per unit, for gross proceeds of US$765 MM. The company received net proceeds of approximately US$700 MM. In addition, the company granted the underwriters a 30-day option to purchase up to an additional 6,375,000 units.

The company intends to list its shares on the New York Stock Exchange under the symbol “BPMP”.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, and UBS Securities LLC acted as book running mangers, while Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc., BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc. and SG Americas Securities, LLC acted as underwriters to the company for the offering. Vinson & Elkins L.L.P acted as legal advisor to the company for the offering.

The company intends to use the proceeds from the offering for general corporate purposes.

Deal history

Completed: On October 30, 2017, BP Midstream completed the IPO of 42.5 MM units, at a price of US$18 per unit, for gross proceeds of US$765 MM.

Pricing: On October 25, 2017, BP Midstream priced the initial public offering of 42.5 MM units, at a price of US$18 per unit, for gross proceeds of US$765 MM.

Update: On October 15, 2017, BP Midstream intends to issue 42.5 MM shares, at a price between US$19 to US$21 per share, for gross proceeds of up to US$893 MM, in an IPO.

Filing: On September 11, 2017, BP Midstream filed a registration statement on Form S-1 with the US Securities and Exchange Commission for an IPO of shares.

Planned: On July 18, 2017, BP Midstream intends to issue shares in an IPO.

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