Chesapeake Midstream Partners, L.P. Prices Initial Public Offering of Common Units
July 28 2010 - 6:29PM
Business Wire
Chesapeake Midstream Partners, L.P. (NYSE: CHKM), a Delaware
master limited partnership, announced today it has priced its
initial public offering of 21,250,000 common units representing
limited partner interests at $21.00 per common unit. The
underwriters have been granted a 30-day over-allotment option to
purchase up to an aggregate of 3,187,500 additional common units.
The common units will begin trading on July 29, 2010, on the New
York Stock Exchange under the symbol “CHKM.” The offering is
expected to close on or about August 3, 2010.
Upon conclusion of the offering, the public will own
approximately 15.1% of outstanding equity of CHKM, or 17.3% if the
underwriters exercise in full their over-allotment option.
Chesapeake Energy Corporation (NYSE: CHK) and Global Infrastructure
Partners will each own a 41.45% limited partner interest in CHKM
and will jointly own and control the general partner of CHKM. Any
common units issued pursuant to the underwriters’ over-allotment
option would result in a corresponding decrease in Global
Infrastructure Partners’ ownership interest in CHKM. Any proceeds
from such issuance would be distributed to Global Infrastructure
Partners.
UBS Securities, LLC; Citigroup Global Markets Inc.; Morgan
Stanley & Co. Incorporated; Merrill Lynch, Pierce, Fenner &
Smith Incorporated; Barclays Capital Inc.; Credit Suisse Securities
(USA) LLC; Goldman, Sachs & Co. and Wells Fargo Securities, LLC
are acting as joint book-running managers for the offering. BBVA
Securities Inc.; BMO Capital Markets Corp.; Deutsche Bank
Securities Inc.; Raymond James & Associates, Inc.; RBS
Securities Inc.; Scotia Capital (USA) Inc.; BNP Paribas Securities
Corp.; Comerica Securities, Inc.; Credit Agricole Securities (USA)
Inc.; ING Financial Markets LLC; Mitsubishi UFJ Securities (USA),
Inc.; Piper Jaffray & Co.; RBC Capital Markets Corporation;
SunTrust Robinson Humphrey, Inc. and TD Securities (USA) LLC are
acting as co-managers for the offering.
The offering of these common units is being made only by means
of a prospectus, copies of which may be obtained from any of the
underwriters, including:
UBS Securities LLC
Citigroup Global Markets Inc. Morgan Stanley & Co. Incorporated
Attn: Prospectus Department Brooklyn Army Terminal Attn: Prospectus
Dept. 299 Park Avenue Attention: Prospectus Dept. 180 Varick
Street, 2nd Floor New York, NY 10171 140 58th Street, 8th floor New
York, NY 10014 Toll free: 1-888-827-7275 Brooklyn, NY 11220 Toll
free: 1-866-718-1649 Toll free: 1-800-831-9146
prospectus@morganstanley.com
batprospectusdept@citi.com
A registration statement relating to these securities has been
filed with and declared effective by the U.S. Securities and
Exchange Commission. This press release shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
described above, nor shall there be any sale of such securities in
any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
This press release contains forward-looking statements within
the meaning of the federal securities laws. These forward-looking
statements involve certain risks and uncertainties, including,
among others, our business plans may change as circumstances
warrant and securities of CHKM may not ultimately be offered to the
public because of general market conditions or other factors.
Chesapeake Midstream Partners, L.P. will own, operate,
develop and acquire natural gas gathering systems and other
midstream energy assets. Headquartered in Oklahoma City, the
company's operations are currently focused on the Barnett Shale and
Mid-Continent regions of the U.S.
Chesapeake Energy Corporation is one of the largest producers
of natural gas and the most active driller of new wells in the
U.S. Headquartered in Oklahoma City, the company's
operations are focused on discovering and developing unconventional
natural gas and oil fields onshore in the U.S. Chesapeake owns
leading positions in the Barnett, Fayetteville, Haynesville,
Marcellus and Bossier natural gas shale plays and in the Eagle
Ford, Granite Wash and various other unconventional oil plays.
The company has vertically integrated its operations and owns
substantial midstream, compression, drilling and oilfield service
assets.
Global Infrastructure Partners ("GIP") is an independent
infrastructure fund that invests worldwide in infrastructure assets
in both OECD and select emerging market countries. GIP targets
investments in single assets, and portfolios of assets and
companies, in power and utilities, natural resources
infrastructure, air transport infrastructure, seaports, freight
railroad, water distribution and treatment and waste management.
GIP has offices in New York and London, with an affiliate office in
Sydney, Australia, and portfolio business operations headquarters
in Stamford, Connecticut.
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