Shell Midstream Partners expects to raise $750M in proposed IPO

Nathan Andrada – Fourth Estate Cooperative Contributor

New York, NY, United States (4E) – Shell Midstream Partners L.P. plans to raise around $750mn in an initial public offering of common units that represent limited partner interests, following its filing of a registration statement on Form S-1 with the U.S. Securities and Exchange Commission.

The company, which is a wholly-owned subsidiary of Royal Dutch Shell Plc., did not indicate the pricing and the number of shares to be sold.

Shell Midstream Partners is expected to apply to list the common units on the New York Stock Exchange using the SHLX ticker symbol. The offering is likely to happen in the second half of 2014.

Shell Midstream Partners was created as a vehicle to own, operate, develop and acquire pipelines as well as other midstream assets. The initial assets of the Houston-based Shell Midstream Partners’ are expected to comprise of ownership interests in four offshore and onshore pipelines based primarily in Louisiana and Texas.

Citigroup and Barclays are selected as structuring agents and book-running managers for the planned offering.

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