On Monday, May 13, Tallgrass Energy LP announced the pricing of its initial public offering of 13,050,000 common units representing limited partner interests at the public offering price of $21.50 per common unit.
The common units began trading on the New York Stock Exchange under the symbol “TEP” the following day, Tuesday, May 14.
After the offering, Tallgrass Development, LP and its affiliates will indirectly own common units and subordinated units representing approximately 66% of Tallgrass’ outstanding units (approximately 62% if the underwriters exercise their option to purchase additional common units in full) and general partner units representing a 2% general partner interest in Tallgrass.
Baker Botts represented Tallgrass in the transaction.
The Tallgrass news release is available here.
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