Stephen Lacey is US Editor for International Financing Review, helping to oversee editorial content across the region. He has particular expertise in coverage of the equity capital markets – IPOs, follow-on stock sales, and equity-linked securities – spanning the entire corporate life cycle, from venture and private equity to entry and maturation in the public markets.
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The equity capital markets are beginning to thaw for master limited partnerships. Amid sustained low commodity prices that have tempered growth expectations, and the sustainability of dividends, industry participants are privately marketing plans to select groups of institutional investors, before going public with details.
Noble Energy may eventually sell its DJ Basin midstream business but not at the going rate. The investment-grade E&P elected to postpone an up to US$262.5m NYSE IPO of the unit, Noble Midstream Partners, while appearing to hold out the possibility of
The funding landscape for master limited partnerships remains challenging, even for companies deemed best of class. Lack of access has presented a paradox: capital is needed to acquire properties to grow distributions, but economics are problematic at depressed valuations.