1 Min Read
April 26 (Reuters) - Pacific Coast Oil Trust, which had filed with U.S. regulators earlier this year to raise up to $345 million in an initial public offering of its units, expects to sell 17.5 million units at between $19 and $20 per unit.
The trust, formed by oil and natural gas producer Pacific Coast Energy Co LP, intends to use the proceeds from the offering to repay the parent's debt.
Pacific Coast Energy Co will give the trust net profit interests in its properties in California in exchange of the units.
Barclays Capital, Citigroup, BofA Merrill Lynch, JP Morgan and others are among the lead underwriters on the IPO.
Pacific Coast hopes to list the trust units on the New York Stock Exchange under the symbol "ROYT."
The amount of money a company says it plans to raise in its initial IPO filings is used to calculate registration fees. The final size of the IPO can be different.