Cypress Energy Partners Prices IPO
Cypress Energy Partners, L.P. has reported the pricing of its initial public offering of 3,750,000 common units representing limited partner interests at $20.00 per common unit, or $75 million.
Share Price $20.00
Shares Offered 3,750,000
Offer Amount $75,000,000.00
Total Expenses $3,000,000.00
The common units are expected to begin trading on the New York Stock Exchange on January 15, 2014 under the ticker symbol "CELP." The underwriters have a 30-day over-allotment option to purchase up to an additional 562,500 common units from Cypress. The offering is expected to close on or about January 21, 2014, subject to customary closing conditions.
At the closing of this offering, the public will own a 31.7 percent limited partner interest in Cypress, or a 36.5 percent limited partner interest if the underwriters exercise in full their option to purchase additional common units. Cypress Energy Holdings, LLC and its affiliates will own a 68.3 percent limited partner interest in Cypress, or a 63.5 percent interest if the underwriters exercise in full their option to purchase additional common units.
Raymond James, Baird, Stifel and BMO Capital Markets are acting as joint book-running managers for the offering. Janney Montgomery Scott and Wunderlich Securities are acting as co-managers for the offering.
/Book Runner
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