Columbia Pipeline Partners, an MLP spun out of gas and utility company NiSource to own natural gas pipelines and storage systems, filed on Monday with the SEC to raise up to $800 million in an initial public offering. The company will be the general partner and hold a 14.6% limited partner interest in newly formed Columbia OpCo, whose assets consist of 15,000 miles of interstate pipelines and underground natural gas storage systems with 300 MMDth in capacity. NiSource had previously tried to spinoff its pipeline assets in 2007, before withdrawing due to poor market conditions.
The Houston, TX-based company, which was founded in 2007 and booked $1.3 billion in sales for the 12 months ended June 30, 2014, plans to list on the NYSE under the symbol CPPL. Barclays and Citi are the joint bookrunners on the deal. No pricing terms were disclosed.
