CONE Midstream Partners LP, a Delaware limited partnership formed by CONSOL Energy Inc. (NYSE: CNX) and Noble Energy Inc. (NYSE: NBL), has priced its initial public offering of 17,500,000 common units representing limited partner interests at a price to the public of $22.00 per common unit. The common units are scheduled to begin trading on the New York Stock Exchange on Sept. 25 under the ticker symbol "CNNX." The underwriters of the offering have a 30-day option to purchase up to an additional 2,625,000 common units to cover over-allotments, if any.
At the conclusion of the offering, the public will own a 29.4% limited partner interest in CONE Midstream Partners (or a 33.8% limited partner interest if the underwriters exercise in full their option to purchase additional common units). Each of CONSOL and Noble Energy will own a 34.3% limited partner interest in CONE Midstream Partners (or a 32.1% limited partner interest if the underwriters exercise in full their option to purchase additional common units). In addition, CONSOL and Noble Energy will own, through their Marcellus Shale midstream joint venture, CONE Gathering LLC, a 2% general partner interest and the incentive distribution rights in CONE Midstream Partners.
Wells Fargo Securities, BofA Merrill Lynch, Citigroup, JP Morgan, Baird, Barclays, Deutsche Bank Securities, Goldman, Sachs & Co., Morgan Stanley, Credit Suisse, and RBC Capital Markets are acting as book-running managers of the offering. MUFG, PNC Capital Markets LLC, BB&T Capital Markets, BBVA, BNP PARIBAS, DNB Markets, Mizuho Securities, and TD Securities are acting as co-managers of the offering.