Navios Maritime Midstream Partners L.P., a recently formed wholly-owned subsidiary of tanker owner Navios Maritime Acquisition Corporation, has commenced an initial public offering of 8,100,000 common units representing limited partner interests in Navios Midstream.
Navios Midstream expects to grant the underwriters a 30-day option to purchase up to an additional 1,215,000 common units.
The IPO price is currently expected to be between USD 19.00 and USD 21.00 per common unit.
The common units have been cleared for listing on the New York Stock Exchange under the symbol “NAP.”
According to Navios Maritime, the proceeds from the offering will be used primarily to fund a portion of the purchase price of the capital stock in Navios Acquisition’s subsidiaries that own vessels intended for Navios Midstream’s initial fleet of very large crude carriers (VLCCs).
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC will act as joint book-running managers and representatives of the underwriters for the offering, Navios Maritime said.
Press Release, Image: IMS