CONE Midstream Partners Launches IPO

(RTTNews) - CONE Midstream Partners LP, a Delaware limited partnership formed by CONSOL Energy Inc. (CNX) and Noble Energy, Inc. (NBL), said Wednesday that it has launched its initial public offering of 17.5 million common units representing limited partner interests.

The underwriters of the offering will have a 30-day option to purchase up to an additional 2.625 million common units to cover over-allotments, if any.

The common units are expected to trade on the New York Stock Exchange under the ticker symbol "CNNX."

The common units being offered in the offering represent a 29.4% limited partner interest in CONE Midstream Partners, or a 33.8% limited partner interest if the underwriters exercise in full their option to purchase additional common units. Each of CONSOL and Noble Energy will own a 34.3% limited partner interest in CONE Midstream Partners, or a 32.1% limited partner interest if the underwriters exercise in full their option to purchase additional common units.

In addition, CONSOL and Noble Energy will own, through their Marcellus Shale midstream joint venture, CONE Gathering LLC, a 2% general partner interest and the incentive distribution rights in CONE Midstream Partners.