Midcoast Energy Partners, LP, an Enbridge Energy Partners-backed LP that owns natural gas transportation and delivery assets, announced terms for its IPO on Thursday. The Houston, TX-based company plans to raise $370 million by offering 18.5 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Midcoast Energy Partners would command a market value of $923 million.
Midcoast Energy Partners, which was founded in 2012 and booked $6.6 billion in sales for the 12 months ended June 30, 2013, plans to list on the NYSE under the symbol MEP. BofA Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, Wells Fargo Securities and UBS Investment Bank are the joint bookrunners on the deal.
