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Shell Midstream Partners sells common units to repay debt

Shell Midstream Partners LP launched an underwritten public offering of 25,000,000 common units to repay debt and for general partnership purposes.

The partnership intends to allow the underwriter a 30-day option to purchase up to an additional 3,750,000 units. The underwriter intends to sell the units from time to time in one or more transactions on the NYSE, in the over-the-counter market, through negotiated transactions or otherwise. The units will be sold at market prices during the time of sale, at prices related to the prevailing market prices or at negotiated prices, according to a Feb. 1 news release.

Additionally, Shell Midstream Partners will concurrently sell $300 million of its common units to Royal Dutch Shell plc subsidiary Shell Midstream LP Holdings LLC at a per-unit price equal to that of the public offering.

The partnership plans to use proceeds from the public offering and the private placement to repay debt under its credit facilities and for general partnership purposes.

Morgan Stanley is acting as the sole book-running manager for the underwritten public offering.