KNOT Offshore Partners LP said Tuesday that it has priced its initial public offering of 7.45 million common units at a price of $21.00 per unit, which is at the high end of its previously estimated range of $19.00 to $21.00 per unit. KNOT Offshore Partners has granted the underwriters a 30-day option to purchase up to 1,117,500 additional common units, at the same price per unit.
The common units being offered to the public are expected to begin trading on April 10 on the New York Stock Exchange under the symbol "KNOP."
The offering is expected to close on or about April 15.
Following completion of the offering, Knutsen NYK Offshore Tankers AS, a Norwegian private limited liability company, will own KNOP's general partner and a 55.4% limited partner interest in KNOT Offshore Partners. If the underwriters' option to purchase additional common units is exercised in full, KNOT will own a 49.0% limited partner interest in KNOT Offshore Partners.
KNOT Offshore Partners plans to use the net proceeds from the offering, which are estimated to be about $138.4 million, after deducting estimated underwriting discounts and commissions, structuring fees and estimated offering expenses, to repay borrowings outstanding under its vessel financing agreements and for general partnership purposes.
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