Columbia Pipeline Partners Prices IPO At $23.00/shr

(RTTNews) - Columbia Pipeline Partners LP, a NiSource Inc. (NI) company, announced the pricing of its initial public offering of 46.81 million common units representing limited partner interests in the Partnership at $23.00 per common unit. Previously, it planned to sell 40 million common units in the range of $19.00 and $21.00 per common unit.

The Partnership has also granted the underwriters a 30-day option to purchase up to an additional 7.02 million common units.

The common units are expected to begin trading on the New York Stock Exchange (NYSE) on February 6, 2015 under the symbol "CPPL." The offering is expected to close on February 11, 2015, subject to the satisfaction of customary closing conditions.

Upon conclusion of the offering, the public will own an approximate 50% limited partner interest in the Partnership (or an approximate 53.5% limited partner interest if the underwriters exercise in full their option to purchase additional common units).

Columbia Energy Group will own the remaining approximate 50% limited partner interest in the Partnership (or an approximate 46.5% limited partner interest if the underwriters exercise in full their option to purchase additional common units), the general partner of the Partnership and the Partnership's incentive distribution rights.