logo
Share SHARE
FONT-SIZE Plus   Neg

Valero Energy Partners Surges In NYSE Debut

Shares of Valero Energy Partners LP (VLP) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Bimbo Bakeries is recalling packages of certain bread products across 11 states, after it received three consumer-reports of small pieces of glass found on the outside of the bread. Design software maker Autodesk, Inc. said Thursday after the markets closed that it swung to a second quarter loss, hurt by lower revenue and a hefty tax charge. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. GameStop reported an increase in second-quarter profit, driven by strong same-store sales growth and improved margins, partly offset by a stronger dollar and one-time charges. Both earnings and sales surpassed Wall Street estimates. The video-game retailer lifted its guidance for 2015. GameStop shares gained about 2 percent in after-hours trade.
comments powered by Disqus
RELATED NEWS
Trade VLP now with 
Follow RTT