Oiltanking Partners L.P., a gulf coast provider of terminaling and storage of energy products, raised $215 million by offering 10 million units at $21.50 per unit, above its proposed range of $19 to $21. The Houston, TX-based partnership, which was formed by global energy storage company Oiltanking Group, will offer a 6.3% dividend yield based on its targeted cash distribution of $1.35 per unit. Oiltanking Partners L.P. is listing on the NYSE under the symbol OILT with trading expected to commence on Thursday. Citi, Barclays Capital, J.P. Morgan and Morgan Stanley acted as lead managers on the deal.
Oiltanking Partners follows on the heels of similar energy partnership Tesoro Logistics LP (TLLP, which went public in April at $21 per unit and is currently trading 19% above its offer price.
