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Energy

MLP Watch: Columbia Pipeline Partners Files for IPO

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By Chris Lange Published
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Kinder Morgan pipeline
Kinder Morgan Inc.
Columbia Pipeline Partners L.P. has filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). No terms were given for the offering, but it can be potentially valued up to $800 million in common units. The company will list on the New York Stock Exchange under the symbol CPPL. The underwriters for the IPO were listed only as Barclays and Citigroup.

The NiSource Inc. (NYSE: NI) board of directors approved in principle the spin-off of NiSource’s natural gas pipeline and related businesses. The spin-off is expected to take place in the second half of 2015, but it will be subject to satisfaction of various conditions.

If the spin-off goes through, HoldCo will continue to indirectly own the general partner, NiSource, 85.4% of the limited partner interests in Columbia OpCo and the limited partnership interests that are not owned by the public.

Columbia Pipeline Partners is a master limited partnership (MLP) formed by NiSource to own, operate and develop a portfolio of pipelines, storage and related midstream assets. The business and operations will be conducted through Columbia OpCo.

ALSO READ: A Baker’s Dozen of IPOs on Tap for This Week

Columbia OpCo owns substantially all of the natural gas transmission and storage assets of Columbia Energy Group. These assets include approximately 15,000 miles of strategically located interstate pipelines from New York to the Gulf of Mexico and one of the nation’s largest underground natural gas storage systems, with approximately 300 MMDth of working gas capacity.

For the year ended December 2013, 93% of Columbia OpCo’s revenue, excluding revenues generated from cost recovery, was generated under firm revenue contracts. At the same time, these contracts had a weighted average remaining contract life of 5.2 years.

Columbia Pipeline Partners will be managed and operated by the board of directors and executive officers of CPP GP LLC, a wholly owned subsidiary of Columbia Energy Group.

FULL IPO FILING

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.

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