USD Partners LP, an MLP spun out of US Development Group to own oil and gas rail terminals, filed on Friday with the SEC to raise up to $150 million in an initial public offering. The company is owned by United States Development Group, which counts Goldman Sachs (GS) as a principal shareholder.
The Houston, TX-based company, which was founded in 2014 and booked $24 million in sales for the 12 months ended June 30, 2014, plans to list on the NYSE under the symbol USDP. USD Partners LP initially filed confidentially on June 13, 2014. Citi, Barclays, Credit Suisse and BofA Merrill Lynch are the joint bookrunners on the deal. No pricing terms were disclosed.
