Noble Midstream Partners Prices IPO At $22.50/unit, Above Expected Range

(RTTNews) - Noble Midstream Partners LP announced the pricing of its initial public offering of 12.50 million common units representing limited partner interests at a public offering price of $22.50 per common unit. Noble Midstream was initially offering the common units at an estimated price range of $19.00 to $21.00 per common unit.

In addition, Noble Midstream has granted the underwriters a 30-day option to purchase up to an additional 1.875 million common units at the initial public offering price. The common units are expected to begin trading on September 15, 2016 on the New York Stock Exchange under the ticker symbol "NBLX."

The offering is expected to close on September 20, 2016, subject to customary closing conditions.

Upon closing, the public will hold common units approximating 39.3% of the limited partner interest in Noble Midstream, or approximately 45.2% if the underwriters exercise, in full, their option to purchase additional common units. Noble Energy, Inc. and certain of its subsidiaries will own the remaining limited partner interest in Noble Midstream and all of its incentive distribution rights and will own Noble Midstream's general partner.

Noble Midstream intends to use proceeds, net of underwriting discounts and commissions, the structuring fee and estimated offering expenses, of about $259.7 million to, among other uses, make a distribution of about $257.4 million to Noble Energy.