SemGroup Energy Partners, L.P. announced today the commencement of an initial public offering of 12,500,000 of its common units.
All of the common units are being offered by SemGroup Holdings, L.P., a wholly owned subsidiary of SemGroup, L.P.
SemGroup Energy Partners will also grant the underwriters a 30-day over-allotment option to purchase up to an additional 1,875,000 common units. The common units have been approved for listing on the NASDAQ Global Market and will be traded under the symbol “SGLP.”
The common units offered to the public will represent approximately 48.9 percent of the outstanding equity of SemGroup Energy Partners, or approximately 52.3 percent if the underwriters exercise in full their over-allotment option. SemGroup will remain a privately held company and will indirectly own the remaining equity interests in SemGroup Energy Partners.
Citi and Merrill Lynch & Co. will act as joint book-running managers for the offering. In addition, Lehman Brothers, RBC Capital Markets, Wachovia Securities, A.G. Edwards, Raymond James, SMH Capital and BOSC, Inc. will act as co-managers for the offering.