Columbia Pipeline Partners Completes IPO
A planned spin-off company of Merrillville-based NiSource Inc. (NYSE: NI) has closed on its initial public offering. Columbia Pipeline Partners LP (NYSE: CPPL), based in Texas, raised a total of more than $1.2 billion through the process. February 11, 2015
HOUSTON, Tex. - Columbia Pipeline Partners LP (the "Partnership"), a NiSource Inc. (NYSE: NI) company, today announced the closing of its initial public offering of 46,811,398 common units representing limited partner interests in the Partnership at $23.00 per common unit. In addition to the common units issued at closing, 7,021,709 common units were issued pursuant to the full exercise of the underwriters' option to purchase additional common units at the initial public offering price. The common units began trading on the New York Stock Exchange (NYSE) on February 6, 2015 under the symbol "CPPL."
The public owns an approximate 53.5% limited partner interest in the Partnership. Columbia Energy Group owns the remaining approximate 46.5% limited partner interest in the Partnership, the general partner of the Partnership and the Partnership's incentive distribution rights.
Barclays and Citigroup acted as joint book-running managers and structuring agents for the offering. BofA Merrill Lynch, Goldman, Sachs & Co., J.P Morgan, Morgan Stanley and Wells Fargo Securities also acted as joint book-running managers. BNP PARIBAS, Credit Suisse, RBC Capital Markets, Fifth Third Securities, KeyBanc Capital Markets, MUFG, Mizuho Securities, Scotia Howard Weil and Huntington Investment Company acted as co-managers for the offering.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, or any solicitation of an offer to buy, these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Columbia Pipeline Partners
Columbia Pipeline Partners LP (CPPL) is a fee-based, growth-oriented master limited partnership based in Houston, Texas, formed to own, operate and develop a growing portfolio of natural gas pipelines, storage and related midstream assets.
CPPL's business and operations are conducted through CPG OpCo LP, which owns and operates substantially all of the natural gas transmission, storage and midstream assets of Columbia Pipeline Group. NI-F
Source: Columbia Pipeline Partners LP