BP PLC BP Midstream Partners LP Launches IPO (7461T)
17 October 2017 - 4:21AM
UK Regulatory
TIDMBP.
RNS Number : 7461T
BP PLC
16 October 2017
BP Midstream Partners LP Launches Initial Public Offering
Houston, Texas, 16 October 2017 - BP Midstream Partners LP ("BP
Midstream Partners" or the "Partnership"), a limited partnership
formed by an indirect, wholly-owned subsidiary of BP p.l.c.,
announced today that it has commenced the initial public offering
of 42,500,000 common units representing limited partner interests
at an anticipated price of between $19.00 and $21.00 per common
unit. The common units have been authorized for listing on the New
York Stock Exchange under the ticker symbol "BPMP," subject to
official notice of issuance. The underwriters of the offering will
have a 30-day option to purchase up to an additional 6,375,000
common units from BP Midstream Partners.
The common units being offered represent an approximate 40.6
percent limited partner interest in BP Midstream Partners, or an
approximate 46.7 percent limited partner interest if the
underwriters exercise in full their option to purchase additional
common units. BP p.l.c., through its indirect subsidiaries, will
own the remaining limited partner interest in BP Midstream
Partners, as well as its general partner and incentive distribution
rights.
Citigroup is acting as sole structuring agent and joint
book-running manager for the offering. Goldman Sachs, Morgan
Stanley, Barclays, Credit Suisse, J.P. Morgan and UBS Investment
Bank are also acting as joint book-running managers. The offering
is being made only by means of a prospectus. Once it becomes
available, potential investors can obtain a prospectus that meets
the requirements of Section 10 of the Securities Act of 1933
from:
Citigroup Goldman Sachs & Morgan Stanley
c/o Broadridge Financial Co. LLC c/o Prospectus
Solutions Attention: Prospectus Department
1155 Long Island Department 180 Varick Street,
Avenue 200 West Street Second Floor
Edgewood, New York New York, NY 10282 New York, New York
11717 Telephone: 1-866-471-2526 10014
Phone: 1-800- 831-9146 Email: prospectus-ny@ny.email.gs.com
Barclays Capital Credit Suisse J.P. Morgan
Inc. Attention: Prospectus c/o Broadridge
c/o Broadridge Department Financial Solutions
Financial Solutions One Madison Avenue, 1155 Long Island
1155 Long Island Level 1B Avenue
Avenue New York, New York Edgewood, New
Edgewood, New York 10010 York 11717
11717 Toll-Free: (866)
barclaysprospectus@broadridge.com newyork.prospectus@credit-suisse.com 803-9204
Toll-Free: (888) Toll-Free: (800) prospectus-eq_fi@jpmchase.com
603-5847 221-1037
UBS Securities LLC
1285 Avenue of the
Americas
New York, NY 10019
Attn: Prospectus
Dept.
Phone: (888) 827-7275
When available, to obtain a copy of the prospectus free of
charge, visit the SEC's website, www.sec.gov, and search under the
registrant's name, "BP Midstream Partners."
A registration statement relating to the common units has been
filed with the Securities and Exchange Commission but has not yet
become effective. The common units 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 a solicitation of an offer to buy these securities, nor
shall there be any sales of the securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
BP Midstream Partners is a fee-based, growth-oriented master
limited partnership recently formed by BP to own, operate, develop
and acquire pipelines and other midstream assets. BP Midstream
Partners' initial assets consist of interests in entities that own
crude oil, natural gas, refined products and diluent pipelines
serving as key infrastructure for BP and its affiliates and other
customers to transport onshore and offshore production to key
refining markets and trading and distribution hubs.
- # # # -
Further Information
BP Press Office, US: +1 281-366-4463 uspress@bp.com
BP Press Office, London: +44 (0)207 496 4076, bppress@bp.com
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of the federal securities laws. Statements that are
predictive in nature, that depend upon or refer to future events or
conditions or that include the words "believe," "expect,"
"anticipate," "intend," "estimate" and other expressions that are
predictions of or indicate future events and trends and that do not
relate to historical matters identify forward-looking statements.
Forward-looking statements are not guarantees of future performance
and involve certain risks, uncertainties and assumptions that are
difficult to predict, and there can be no assurance that actual
outcomes and results will not differ materially from those expected
by our management. These forward-looking statements involve certain
risks and uncertainties, including, among others, that our business
plans may change as circumstances warrant, our common units may not
begin trading on the New York Stock Exchange as expected and the
offering may not close as expected. For more information concerning
factors that could cause actual results to differ materially from
those conveyed in the forward-looking statements, please refer to
the "Risk Factors" section of the prospectus included in the
registration statement on Form S-1, in the form last filed with the
SEC. We undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, changed circumstances or otherwise, unless required
by law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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October 16, 2017 13:21 ET (17:21 GMT)
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