BP PLC BP Moves Forward with IPO for U.S. Pipeline Assets (3944Q)
11 September 2017 - 10:38PM
UK Regulatory
TIDMBP.
RNS Number : 3944Q
BP PLC
11 September 2017
press release
11 September, 2017
BP Moves Forward with IPO for U.S. Pipeline Assets
BP Midstream Partners LP files registration statement
for initial public offering of common units
CHICAGO - BP announced today that BP Midstream Partners LP (BP
Midstream Partners), a wholly-owned, indirect subsidiary of BP
p.l.c. (NYSE: BP), has filed a registration statement on Form S-1
with the U.S. Securities and Exchange Commission (SEC) related to
its proposed initial public offering (IPO) of common units
representing limited partner interests.
The announcement comes after BP said in July it had begun
evaluating the formation and IPO of a master limited partnership
(MLP) to enhance shareholder value and to support BP's strategy to
grow its midstream business.
BP Midstream Partners expects the offering to occur in the
fourth quarter of 2017, dependent on market conditions, and
anticipates the common units will trade on the New York Stock
Exchange under the ticker symbol "BPMP."
BP Midstream Partners was formed as a vehicle to own, operate,
develop and acquire pipelines and other midstream assets. It will
be headquartered in Houston, Texas, with offices in Chicago,
Illinois.
BP Midstream Partners' initial assets are expected to consist of
ownership interests in one onshore crude oil pipeline system, one
onshore refined products pipeline system, and one onshore diluent
pipeline system, which carry shipments to or from BP's Whiting
Refinery in Whiting Indiana, together with interests in four
offshore crude oil pipeline systems and one offshore natural gas
pipeline system that connect offshore production areas in the Gulf
of Mexico with the Gulf Coast refining and distribution hubs.
If the IPO is completed, BP would own the general partner of BP
Midstream Partners, all of its incentive distribution rights and a
majority of its limited partner interests.
Citigroup, Goldman Sachs and Morgan Stanley are acting as
book-running managers and Citigroup is acting as structuring agent
for the proposed offering. The offering will be made only by means
of a prospectus. When available, potential investors may obtain a
preliminary prospectus related to the offering from:
Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Ave.
Edgewood, New York 11717
Phone: +1-800-831-9146
batprospectusdept@citi.com
To obtain a free copy of the preliminary prospectus when
available, visit the SEC's website at http://www.sec.gov.
A registration statement relating to these securities has been
filed with the SEC but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior
to the time the registration statement becomes effective. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Cautionary Statement:
This announcement contains certain statements that are
"forward-looking" statements within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange Act
of 1934 concerning BP's evaluation of a master limited partnership
(MLP) IPO. There can be no assurance that such an offering will be
pursued or consummated. These statements contain words such as
"intend," "will" and "expect" and can be impacted by numerous
factors including the risk that the offering may not occur, the
securities market generally, the market for BP's midstream assets
and MLPs as an asset class, changes in laws including with respect
to tax and regulatory matters and other risks. For more information
concerning business risks that could affect BP's midstream assets
more broadly see BP's 2016 annual report on Form 20-F and periodic
reports on Form 6K, filed with the Securities and Exchange
Commission. We undertake no obligation to update or revise such
forward-looking statements to reflect events or circumstances that
occur, or which we become aware of, after the date hereof.
Further enquiries:
BP Press Office, US: +1 281 366 4463 uspress@bp.com
BP Press Office, London: +44 (0)20 7496 4076 bppress@bp.com
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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