Tallgrass Energy Partners expects to raise $300 million from IPO
May 6 (Reuters) - Tallgrass Energy Partners LP would raise up to $300 million from its initial public offering, after the company said it expects to price its common units at between $21 and $23 each.
The limited partnership, formed by Tallgrass Development to own, operate, buy and develop midstream energy assets, will offer all the 13.05 million units in the IPO and use proceeds to repay debt.
Tallgrass Energy had filed with regulators in March to raise up to $315 million through the IPO.
The company's common units have been approved to list on the New York Stock Exchange under the symbol "TEP". ()
Tallgrass Energy Partners provides natural gas transportation and storage services in the Rocky Mountain and Midwest regions of the United States and processing services in Wyoming.
Its parent bought a portfolio of midstream energy assets, with an enterprise value of $3.3 billion, from Kinder Morgan Energy Partners LP in November.
On an adjusted basis, Tallgrass Energy earned $42 million on revenue of $255.6 million in 2012.
Barclays and Citigroup are the lead underwriters for the IPO.
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