(Reuters) - Pacific Coast Oil Trust filed with U.S. regulators on Friday to raise up to $345 million in an initial public offering of its units.
The trust, formed by oil and natural gas producer Pacific Coast Energy Co LP, said in a filing with the U.S. Securities and Exchange Commission that it 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 Inc would underwrite the IPO.
Pacific Coast hopes to list the trust units on the New York Stock Exchange under the symbol “ROYT.”
The filing did not reveal how many trust units Pacific Coast Oil Trust planned to sell or their expected price.
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.
Reporting by Eileen Anupa Soreng in Bangalore; Editing by Don Sebastian