Dominion Midstream Partners Files For $400 Mln IPO

(RTTNews) - Dominion Midstream Partners LP, which owns liquefied natural gas import, storage, regasification and transportation assets, filed a registration statement on Friday on Form S-1 with the U.S. Securities and Exchange Commission to raise up to $400 million in an initial public offering.

The company, which was founded in 2000, plans to list on the NYSE under the symbol DM. However, it did not mention the number of shares, and the estimated price range.

The company owns all outstanding preferred equity interests in Dominion Cove Point LNG LP, which owns and operates a liquefied natural gas facility in Chesapeake Bay in Lusby, Maryland, and a gas pipeline that runs about 136 miles in the region.

Dominion presently serves utility and retail energy customers in 15 states and operates one of the nation's largest underground natural gas storage systems, the filing showed.

In a preliminary prospectus to the SEC, the company stated that Dominion Resources will be the largest shareholder in the unit after the offering.

The Richmond, Virginia -based company planned to use the estimated net proceeds to make contribution to Cove Point in exchange for a portion of the Preferred Equity Interest. The company intend to cause Cove Point to use the net proceeds contributed to it in connection with this offering to fund a portion of development and construction costs associated with the Liquefaction Project.

Barclays and Citi are the joint bookrunners on the deal, the company noted.