U.S. midstream energy company Kinder Morgan Inc. (NYSE:KMI) said it has priced a public offering of 63 million shares of common stock, which was offered by selling stockholders, at $31.88 per share, a 3.5% discount to Tuesday's close.
The common shares are offered by investment funds affiliated with Goldman Sachs & Co., The Carlyle Group and Riverstone Holdings LLC. The offering is expected to close and settle on June 11, 2012.
Under the offering, Goldman Sachs is selling 36.7 million shares, Carlyle Group sells 12.7 million shares and Riverstone Holdings sells 13.6 million shares.
Neither the company nor the company's management is selling any shares of common stock in the offering, and the company will not receive any of the proceeds from the offering of shares by the selling stockholders.
Barclays is acting as the sole underwriter for the offering. The underwriter has agreed to purchase from the selling stockholders all of the shares sold under the underwriting agreement if any of the shares are purchased.
Kinder Morgan owns and manages a diversified portfolio of energy transportation and storage assets. The company operates in five business segments: Products Pipelines-KPM, Natural Gas Pipelines-KMP, CO2-KMP, Terminals-KMP and Kinder Morgan Canada-KMP.
The company through Kinder Morgan Energy Partners L.P. (NYSE:KMP) operates or owns an interest in approximately 37,000 miles of pipelines and approximately 180 terminals.
KMI is trading down 2.79% at $32.10 on Wednesday. The stock has been trading between $23.51 and $40.25 for the past 52 weeks. Providing quality reviews, articles and writings on crude oil, energy and gas online.
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