BP Launches IPO of Subsidiary, Raising Up To $892.5 Million
October 16 2017 - 2:08PM
Dow Jones News
By Adam Clark
BP PLC (BP.LN) said Monday that it has begun the previously
flagged spin-off of a U.S. subsidiary, raising up to $892.5
million.
The oil company said BP Midstream Partners LP is launching a
public offer of up to 42.5 million common units, at an anticipated
price of between $19 and $21 each.
The units will be listed on the New York Stock Exchange and
represent a 41% limited partner interest in the subsidiary, which
owns a portion of BP's pipelines.
BP said it will retain the remaining limited partner interests
in Midstream Partners, as well as general partner and incentive
distribution rights.
The company originally said it was considering the spin-off in
July.
Shares in BP closed up 0.70 pence at 491.50 pence on Monday.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
October 16, 2017 13:53 ET (17:53 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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