Shell Midstream Partners, L.P. has announced the commencement of an underwritten public offering of 8 500 000 common units representing limited partner interests.
In connection with the offering, Shell Midstream Partners intends to grant the underwriter a 30 day option to purchase up to an additional 1 275 000 common units.
Shell Midstream Partners expects to use the net proceeds from this offering and from its general partner's proportionate capital contribution to repay borrowings outstanding under Shell Midstream Partners’ revolving credit facilities and for general partnership purposes, which may include funding working capital, capital expenditures or acquisitions.
Shell Midstream Partners may re-borrow any amounts repaid under our revolving credit facilities, subject to the terms of the facilities, for general partnership purposes, which may include funding working capital, capital expenditures or acquisitions.
The common units are being offered and will be sold pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission (SEC). This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such states. The offering is being made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Barclays is acting as the sole book-running manager for the offering.
Edited from source by Elizabeth Corner
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