Shares of Valero Energy Partners LP (VLP: Quote) surged in their trading debut on the New York Stock Exchange Wednesday following a successful initial public offering.
Valero Energy Partners priced its IPO of 15 million units representing limited partner interests at a price to the public of $23 per unit, which is above its previously estimated range of $19 to $21 per unit.
The underwriters of the offering have a 30-day option to buy up to an additional 2.25 million units from Valero Energy Partners.
The offering is expected to close on or about December 16.
Valero Energy Partners is a fee-based, growth-oriented, traditional master limited partnership formed by Valero Energy Corp. (VLO) to own, operate, develop and acquire crude oil and refined petroleum products pipelines, terminals and other transportation and logistics assets.
With headquarters in San Antonio, Texas, Valero Energy Partners' assets include crude oil and refined petroleum products pipeline and terminal systems in the Gulf Coast and Mid-Continent regions of the United States.
Upon closing of the offering, the public will own a 25.5% limited partner interest in Valero Energy Partners, or a 29.4% limited partner interest if the underwriters exercise in full their option to purchase additional common units. Valero, through certain of its subsidiaries, will own the rest, as well as the 2% general partner interest.
Valero Energy Partners shares are currently trading at $28.10 after trading as high as $28.59 earlier in the session.
| || |
| To receive FREE breaking news email alerts for Valero Energy Partners LP and others in your portfolio|
by RTT Staff Writer
For comments and feedback: email@example.com