KNOT Offshore Partners LP, a recently formed LP which will own, operate and acquire shuttle tankers under long-term charters, announced terms for its IPO on Monday. The Aberdeen, United Kingdom-based company plans to raise $149 million by offering 7.5 million shares at a price range of $19 to $21. At the midpoint of the proposed range, KNOT Offshore Partners LP would command a market value of $171 million.
KNOT Offshore Partners LP, which was founded in 1987 and booked $66 million in sales for the 12 months ended 12/31/2012, plans to list on the NYSE under the symbol KNOP. KNOT Offshore Partners LP initially filed confidentially on 12/21/2012. BofA Merrill Lynch, Citi and Barclays are the joint bookrunners on the deal.
