Skip to main content

Dominion closes initial public offering

World Pipelines,


Dominion Midstream Partners, LP, a Delaware limited partnership and a subsidiary of Dominion Resources, Inc., has announced the closing of its initial public offering of 20,125,000 common units representing limited partner interests in Dominion Midstream at US$ 21.00 per common unit pursuant to a Registration Statement on Form S-1 previously filed with the US Securities and Exchange Commission (SEC).

The common units issued at closing included 2,625,000 common units that were issued pursuant to the full exercise of the underwriters' option to purchase additional common units at the initial public offering price. The common units began trading on the New York Stock Exchange on 15 October 2014, under the ticker symbol "DM."

Thomas F. Farrell II, chairman, president and chief executive officer of Dominion, said, "We are happy with the market's response to our offering despite a difficult market environment, and we welcome our new investors."

The common units represent a 31.5% limited partner interest in Dominion Midstream, with Dominion, through certain of its subsidiaries, owning the remaining 68.5% limited partner interest in Dominion Midstream, and the general partner of Dominion Midstream, which entity is the holder of all of Dominion Midstream's incentive distribution rights.

Barclays, Citigroup, J.P. Morgan, BofA Merrill Lynch, Goldman, Sachs & Co., UBS Investment Bank and Morgan Stanley acted as joint book-running managers for the offering. RBC Capital Markets and Scotiabank/Howard Weil acted as co-managers for the offering.


Adapted from press release by Hannah Priestley-Eaton

Read the article online at: https://www.worldpipelines.com/business-news/22102014/dominion-closes-initial-public-offering/

You might also like

 
 

Embed article link: (copy the HTML code below):