Azure Midstream Holdings LLC has filed a registration statement on Form S-1 with the US Securities and Exchange Commission for the initial public offering of common units representing limited partner interest in its newly formed, wholly owned subsidiary, Azure Midstream Partners LP (MLP). The company intends to contribute a significant equity ownership interest in its East Texas and North Louisiana midstream assets to the MLP.
Azure's asset base serves numerous producers in the Haynesville, Cotton Valley, and Bossier formations via its 1,365 miles of gathering and compression system. The intended use of proceeds from the offering is to reduce indebtedness at the operating company that holds Azure's midstream assets. The offering is expected to occur in the first quarter of 2015.
The Partnership intends to apply to list the common units on the New York Stock Exchange under the ticker symbol "AZUR." The number of common units to be offered and the price range for the offering have not yet been determined.
Citigroup and BofA Merrill Lynch are acting as joint book-running managers for the proposed offering.