Columbia Pipeline Partners LP, a NiSource Inc. (NYSE: NI) company, has begun its initial public offering of 40,000,000 common units representing limited partner interests in the Partnership, at an anticipated initial public offering price between $19 and $21 per common unit, pursuant to a registration statement on Form S-1 previously filed with the US Securities and Exchange Commission.
The Partnership also expects to grant the underwriters a 30-day option to purchase up to an additional 6,000,000 common units. The Partnership has been approved to list its common units on the New York Stock Exchange (NYSE) under the symbol "CPPL."
The common units being offered represent an approximate 42.7% limited partner interest in the Partnership (or an approximate 46.2% limited partner interest if the underwriters exercise in full their option to purchase additional common units). Columbia Energy Group will own the remaining approximate 57.3% limited partner interest in the Partnership (or an approximate 53.8% limited partner interest if the underwriters exercise in full their option to purchase additional common units), the general partner of the Partnership and the Partnership's incentive distribution rights.
Barclays and Citigroup will act as joint book-running managers and structuring agents for the offering. BofA Merrill Lynch, Goldman, Sachs & Co., JP Morgan, Morgan Stanley, and Wells Fargo Securities will also act as joint book-running managers. BNP Paribas, Credit Suisse, RBC Capital Markets, Fifth Third Securities, KeyBanc Capital Markets, MUFG, Mizuho Securities, Scotia Howard Weil, and Huntington Investment Co. will act as co-managers for the offering.