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Columbia Pipeline Partners LP Priced, NYSE: CPPL

MLP with gas pipelines and storage systems in the Marcellus and Utica shales.

Industry: Energy

First Day Return: +16.5%

Industry: Energy

We are a fee-based, growth-oriented Delaware limited partnership formed by NiSource to own, operate and develop a portfolio of pipelines, storage and related midstream assets. Our business and operations will be conducted through Columbia OpCo, a recently formed partnership between CEG and us. At the completion of this offering, our assets will consist of a 14.6% limited partner interest in Columbia OpCo, as well as the non-economic general partner interest in Columbia OpCo. Through our ownership of Columbia OpCo’s general partner, we will control all of Columbia OpCo’s assets and operations. Columbia OpCo owns substantially all of the natural gas transmission and storage assets of CEG, including approximately 15,000 miles of strategically located interstate pipelines extending from New York to the Gulf of Mexico and one of the nation’s largest underground natural gas storage systems, with approximately 300 MMDth of working gas capacity, as well as related gathering and processing assets. For the year ended December 31, 2013, 93% of Columbia OpCo’s revenue, excluding revenues generated from cost recovery under certain regulatory tracker mechanisms was generated under firm revenue contracts. As of December 31, 2013, these contracts had a weighted average remaining contract life of 5.2 years.
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Columbia Pipeline Partners LP (CPPL) Performance