Noble Midstream Partners (NBLX) Prices 12.5M Share IPO at $22.50/Share, Above Expected Range

September 14, 2016 5:13 PM EDT
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Noble Midstream Partners LP (NYSE: NBLX) announced the pricing of its initial public offering of 12,500,000 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 1,875,000 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.

*** NOTE: The company was previously looking for a pricing range of $19 - $21 per share.

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. (“Noble Energy”) 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 approximately $259.7 million to, among other uses, make a distribution of approximately $257.4 million to Noble Energy.

Barclays, Baird, J.P. Morgan, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, DNB Markets, Mizuho Securities, MUFG and Wells Fargo Securities are acting as book-running managers for the offering and Barclays and Baird are acting as structuring fee agents for the offering. The offering of these securities is being made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933. A copy of the preliminary prospectus may be obtained from:


c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, NY 11717

Telephone: (888) 603-5847


Attention: Syndicate Department

777 East Wisconsin Avenue

Milwaukee, WI 53202-5391

Telephone: (800) 792-2473

J.P. Morgan

c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, NY 11717

Telephone: (866) 803-9204


BofA Merrill Lynch

Prospectus DepartmentNC1-004-03-43

200 North College Street, 3rd floor,

Charlotte NC 28255-0001


c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, NY 11717

Telephone: 1-800-831-9146

Deutsche Bank Securities

Attn: Prospectus Group

60 Wall Street

New York, NY 10005

Telephone: 1-800-503-4611

DNB Markets

Attn: Investment Banking Division

200 Park Avenue, 31st floor

New York, NY 10166

Telephone: (212) 681-3800

Mizuho Securities

Attn: Equity Capital Markets

320 Park Avenue, 12th Floor

New York, New York 10022

Telephone: (212) 205-7600


Attn: Capital Markets Group

1221 Avenue of the Americas, 6th Floor

New York, New York 10020

Telephone: (877) 649-6848

Wells Fargo Securities

c/o Equity Syndicate Department

375 Park Avenue

New York, NY 10152

Telephone: 1-800-326-5897

To obtain a copy of the preliminary prospectus free of charge, visit the U.S. Securities and Exchange Commission’s (the “SEC”) website at

A registration statement relating to these securities has been filed with and declared effective by the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

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