April 26 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
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.