By Mark Curriden – (October 29) – There is a new ticker on the New York Stock Exchange: SHLX.
Houston-based Shell Midstream Partners announced late Tuesday that it has priced its initial public offering of 40 million common shares at $23 per unit.
Shell Midstream, a master limited partnership created by Royal Dutch Shell, is expected to raise $920 million, which would make it one of the largest IPOs ever by an MLP.
The common units will begin trading on the NYSE today and are expected to close November 3. The public will own between 29 percent and 33 percent interest in Shell Midstream Partners, depending on whether underwriters exercise their full options to acquire common units available to them.
Shell Midstream’s assets include ownership interests in companies that own crude oil and refined products pipelines serving as key infrastructure to transport growing onshore and offshore crude oil production to Gulf Coast refining markets and to deliver refined products from those markets to major demand centers.
Shell Midstream General Counsel Lori Muratta selected Baker Botts partners Kelly Rose, Hillary Holmes and A.J. Ericksen – all partners in the firm’s Houston office – to be its legal advisers.
Vinson & Elkins partners Doug McWilliams and Gillian Hobson served as the lead legal advisers for the underwriters.
Other Baker Botts lawyers involved in the transaction are partners Josh Davidson, James Chenoweth, Mike Bresson, Rob Fowler, Matt Kuryla and Matt Larsen. Baker Botts associates working on the IPO are Jared Meier, Suparna Salil, Justine Robinson, Lakshmi Ramanathan, Laura Katherine Mann, Sarah McDermand, Michael Telford, Kathryn McEvilly, Zack Pullin, Devi Chandrasekaran and Terence Rozier-Byrd.