Pacific Coast Oil Trust (ROYT: Quote) said Tuesday that it has closed its initial public offering of 18.5 million trust units at $20.00 per trust unit.
The 18.5 million trust units represent a 47.9% beneficial interest in the Trust.
The underwriters also have a 30-day option to purchase up to an additional 2.775 million trust units at the initial offering price.
Pacific Coast Energy Co. LP, the sponsor of the Trust, sold the trust units being offered at the closing of the initial public offering, and will sell any additional trust units upon exercise of the over-allotment option, if any.
by RTT Staff Writer
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