Noble Midstream Partners LP, an MLP formed by Noble to own oil and gas gathering assets in Colorado's DJ basin, announced terms for its IPO on Thursday.
The Houston, TX-based company plans to raise $250 million by offering 12.5 million units at a price range of $19 to $21. At the midpoint of the proposed range, Noble Midstream Partners LP would command a fully diluted market value of $729 million.
Noble Energy (NYSE: NBL) is down 22% year-to-date, but the stock has recovered slightly since its September trough.
Noble Midstream Partners LP, which was formed in 2015 and booked $104 million in revenue for the 12 months ended September 30, 2015, plans to list on the NYSE under the symbol NBLX. Barclays, Baird, J.P. Morgan, BofA Merrill Lynch, Citi, Deutsche Bank and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of November 16, 2015.
