Oiltanking Partners prices public offering of common units

Oiltanking Partners LP

Oiltanking Partners LP (NYSE: OILT) has priced its public offering of 2,600,000 common units representing limited partner interests at a price to the public of $61.65 per common unit. The Partnership has granted the underwriters a 30-day option to purchase up to 390,000 additional common units.  

The offering is expected to settle and close on Nov. 22. The Partnership intends to use the net proceeds from this offering, including any net proceeds from the underwriters' exercise of their option, to purchase additional common units, reduce indebtedness outstanding under its revolving credit facility, fund ongoing expansion projects, and for general partnership purposes.

Citigroup, Barclays, Deutsche Bank Securities, JP Morgan, Wells Fargo Securities, and RBC Capital Markets are acting as joint book-running managers for the offering, with Goldman, Sachs & Co. and US Capital Advisors acting as co-managers.

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