Valero Energy Partners files for IPO of up to $345 million
(Reuters) - Valero Energy Partners LP filed with U.S. regulators on Thursday to raise up to $345 million in an initial public offering of common units.
The company was formed by Valero Energy Corp (VLO.N) to operate pipelines and terminals for the transportation of crude oil and refined petroleum products.
The master limited partnership (MLP) structure allows certain types of companies to raise money in the stock market, while having income taxed only at the unit holder level, avoiding corporate income taxes.
The company reported revenue of $46.4 million and net income of $22.7 million on a pro forma basis for the six months ended June 30. (r.reuters.com/daj33v)
Valero Energy, which listed JP Morgan and Barclays as underwriters to its offering, expects to use the proceeds for expansion and general partnership purposes.
The filing did not reveal how many shares the company planned to sell or their expected price.
The Texas-based company intends to list its common units on the New York Stock Exchange under the symbol "VLP."
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting By Neha Dimri in Bangalore; Editing by Anil D'Silva)
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