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American Petroleum Tankers Partners LP, Controlled By Blackstone Group LP Files For IPO - Reuters


Tuesday, 22 Oct 2013 06:07pm EDT 

Reuters reported that 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 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. 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.