Columbia Pipeline Partners announces largest MLP IPO to date

Columbia Pipeline Partners LP (the Partnership), a NiSource Inc. (NI) company, has announced the pricing of its initial public offering of 46 811 398 common units representing limited partner interests in the Partnership at US$23.00 per common unit. The Partnership has also granted the underwriters a 30-day option to purchase up to an additional 7 021 709 common units. The common units are expected to begin trading on the New York Stock Exchange (NYSE) on 6 February 2015 under the symbol ‘CPPL’. The offering is expected to close on 11 February 2015, subject to the satisfaction of customary closing conditions.

Upon conclusion of the offering, the public will own an approximate 50% limited partner interest in the Partnership (or an approximate 53.5% limited partner interest if the underwriters exercise in full their option to purchase additional common units). Columbia Energy Group will own the remaining approximate 50% limited partner interest in the Partnership (or an approximate 46.5% 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 are acting as joint book-running managers and structuring agents for the offering. BofA Merrill Lynch, Goldman, Sachs & Co., J.P Morgan, Morgan Stanley and Wells Fargo Securities are also acting 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 Company are acting as co-managers for the offering.

The initial public offering of the Partnership marks the first MLP IPO of 2015 and the largest ever MLP IPO.

Adapted from press release by Rosalie Starling

Read the article online at: https://www.worldpipelines.com/business-news/06022015/columbia-pipeline-partners-announces-largest-mlp-ipo-to-date-107/