Dominion Midstream Partners LP has priced its initial public offering of 17,500,000 common units representing limited partner interests in Dominion Midstream at $21 per common unit pursuant to a Registration Statement on Form S-1 previously filed with the US Securities and Exchange Commission.
Dominion Midstream has also granted the underwriters a 30-day option to purchase up to an additional 2,625,000 common units at the initial public offering price. The common units are expected to begin trading on the New York Stock Exchange on Oct. 15 under the ticker symbol "DM." The offering is expected to close on or about Oct. 20.
Upon closing of the offering, the public will own a 27.4% limited partner interest in Dominion Midstream, or a 31.5% limited partner interest if the underwriters exercise in full their option to purchase additional common units. Dominion, through certain of its subsidiaries, will own the remaining 72.6% limited partner interest in Dominion Midstream, or a 68.5% limited partner interest if the underwriters exercise in full their option to purchase additional common units, and the general partner of Dominion Midstream, which entity is the holder of all of Dominion Midstream's incentive distribution rights.
Barclays, Citigroup, JP Morgan, BofA Merrill Lynch, Goldman, Sachs & Co., UBS Investment Bank, and Morgan Stanley are acting as joint book-running managers for the offering. RBC Capital Markets and Scotiabank /Howard Weil are acting as co-managers for the offering.