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Provider: Reuters Investment Profile
Provider: Thomson Reuters Stock Report
Provider: ValuEngine, Inc.
Provider: ValuEngine, Inc.

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KNOT Offshore Partners LP Prices Initial Public Offering Of Common Units

Tuesday, 9 Apr 2013 07:33pm EDT 

KNOT Offshore Partners LP announced that it priced its initial public offering of 7,450,000 common units at a price of $21.00 per unit. KNOT Offshore Partners has granted the underwriters a 30-day option to purchase up to 1,117,500 additional common units, at the same price per unit. The common units being offered to the public are expected to begin trading on April 10, 2013, on the New York Stock Exchange under the symbol “KNOP.” The offering is expected to close on or about April 15, 2013. Following completion of the offering, Knutsen NYK Offshore Tankers AS, a Norwegian private limited liability company (“KNOT”), will own KNOP’s general partner and a 55.4% limited partner interest in KNOT Offshore Partners. If the underwriters’ option to purchase additional common units is exercised in full, KNOT will own a 49.0% limited partner interest in KNOT Offshore Partners. KNOT Offshore Partners intends to use the net proceeds from the offering, which are estimated to be approximately $138.4 million, after deducting estimated underwriting discounts and commissions, structuring fees and estimated offering expenses, to repay borrowings outstanding under its vessel financing agreements and for general partnership purposes. BofA Merrill Lynch and Citigroup are acting as co-structuring agents and joint book-running managers in the transaction. Barclays is acting as a joint book-running manager. 

Company Quote

0.47 +2.26%
30 Jan 2015