October 17, 2012 / 1:10 PM / 5 years ago

Lehigh Gas Partners sets IPO price range at $19-$21/unit

Oct 17 (Reuters) - Lehigh Gas Partners LP, a wholesale distributor of motor fuels, said it expects to sell 6 million common units for between $19 and $21 a unit.

The IPO will raise $120 million at the mid-point of the range, with the company expected to receive $105.6 million.

The Allentown, Pennsylvania-based company plans to use the proceeds to pay down debt, for working capital and acquisitions.

The limited partnership was formed to distribute motor fuels and to own and lease real estate used in the retail distribution of motor fuels.

The company, which filed for an IPO in May, listed Raymond James & Associates Inc and Robert W Baird & Co Inc as lead underwriters.

The company plans to list its common units on the New York Stock Exchange under the symbol “LGP”.

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