Oct 22 American Petroleum Tankers Partners LP,
controlled by Blackstone Group LP, filed with U.S.
regulators to raise up to $172.5 million in an initial public
offering of common units.
The company, which operates tankers that transport crude oil
and refined petroleum products between U.S. ports, said in a
preliminary prospectus that BofA Merrill Lynch, Barclays, and
Credit Suisse were among the major underwriters for the IPO.
The filing did not reveal how many shares the company
planned to sell or their expected price. ()
Blackstone bought Plymouth Meeting, Pennsylvania-based
American Petroleum Tankers LLC in a $500 million deal in 2006.
GSO Capital Partners LP and Cerberus Capital Management LP also
own equity interest in the company.
American Petroleum sued the U.S. Department of
Transportation last year after the Maritime Administration
rejected one of its financing application. The company said the
rejection was based on the fact that it was owned by investment
funds managed by private equity firms.
The company intends to list its common stock on the New York
Stock Exchange under the symbol 'JAT'.
Net proceeds from the offering would be used to repay debt
under its existing credit facility, the company said in the
American Petroleum Tankers Holdings LLC's net loss widened
to $51.9 million in 2012 from $35.6 million a year earlier.
Revenue fell about 11 percent to $94.8 million.
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.