U.S. Shipping Partners L.P. Announces Pricing of Initial Public Offering
29 October 2004 - 10:55PM
PR Newswire (US)
U.S. Shipping Partners L.P. Announces Pricing of Initial Public
Offering EDISON, N.J., Oct. 29 /PRNewswire-FirstCall/ -- U.S.
Shipping Partners L.P. (NYSE:USS) announced today that it has
priced its initial public offering of 6,000,000 units of its common
units at $22.25 per unit. U.S. Shipping Partners L.P. anticipates
that the common units will begin trading today on The New York
Stock Exchange under the symbol "USS." The initial public offering
is being led by Citigroup and Lehman Brothers, as joint
book-running managers, UBS Investment Bank, as co-lead manager, and
KeyBanc Capital Markets and Raymond James, as co-managers. The
initial public offering of 6,000,000 common units represents a
42.6% interest in U.S. Shipping Partners L.P. U.S. Shipping
Partners L.P. has granted the underwriters a 30-day option to
purchase up to an additional 899,968 common units at the same price
to cover over-allotments, if any. This press release shall not
constitute an offer to sell nor the solicitation of an offer to buy
any securities. Any offer will be made only by means of the
prospectus. A copy of the final prospectus relating to the offering
may be obtained when available from Citigroup Global Markets Inc.,
Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, N.Y.
11220, Attn: Prospectus Department, Phone: 718-765-6732, or from
Lehman Brothers Inc., c/o ADP Financial Services, Integrated
Distribution Services, 1155 Long Island Avenue, Edgewood, N.Y.
11717, Phone: 631-254-7106, or from any of the other underwriters.
U.S. Shipping Partners L.P. is a leading provider of long-haul
marine transportation services, principally for refined petroleum
products, in the U.S. domestic "coastwise" trade. U.S. Shipping
Partners L.P. is also involved in the coastwise transportation of
petrochemical and commodity chemical products. This press release
may include "forward-looking statements" as defined by the
Securities and Exchange Commission. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that the Partnership
expects, believes or anticipates will or may occur in the future
are forward-looking statements. These statements are based on
certain assumptions made by the Partnership based on its experience
and perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
in the circumstances. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Partnership, which may cause our actual results to
differ materially from those implied or expressed by the
forward-looking statements. DATASOURCE: U.S. Shipping Partners L.P.
CONTACT: Al Bergeron of U.S. Shipping Partners L.P.,
+1-732-635-2705 Web site: http://www.usshipllc.com/
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