TULSA, Okla.--(BUSINESS WIRE)--Cypress Energy Partners, L.P., a Delaware limited partnership (“Cypress”), announced today the pricing of its initial public offering of 3,750,000 common units representing limited partner interests at $20.00 per common unit. The common units are expected to begin trading on the New York Stock Exchange on January 15, 2014 under the ticker symbol “CELP.” The underwriters have a 30-day over-allotment option to purchase up to an additional 562,500 common units from Cypress. The offering is expected to close on or about January 21, 2014, subject to customary closing conditions.
At the closing of this offering, the public will own a 31.7 percent limited partner interest in Cypress, or a 36.5 percent limited partner interest if the underwriters exercise in full their option to purchase additional common units. Cypress Energy Holdings, LLC and its affiliates will own a 68.3 percent limited partner interest in Cypress, or a 63.5 percent interest if the underwriters exercise in full their option to purchase additional common units.
Raymond James, Baird, Stifel and BMO Capital Markets are acting as joint book-running managers for the offering. Janney Montgomery Scott and Wunderlich Securities are acting as co-managers for the offering. The offering is being made only by means of a prospectus, copies of which may be obtained from:
Raymond James & Associates, Inc.
Attn: Equity Syndicate
880 Carillon Parkway
St. Petersburg, FL 33716
Telephone: (800) 248-8863
Robert W. Baird & Co. Incorporated
Attn: Syndicate Department
777 East Wisconsin Avenue
Milwaukee, WI 53202-5391
Telephone: (414) 765-3632
Stifel, Nicolaus & Company, Incorporated
Attn: Syndicate Department
1 South Street, 15th Floor
Baltimore, MD 21202
Telephone: (855) 300-7136
BMO Capital Markets Corp.
Attn: Equity Syndicate Department
3 Times Square, 27th Floor
New York, NY 10036
Telephone: (800) 414-3627
To obtain a copy of the prospectus free of charge, visit the U.S. Securities and Exchange Commission’s website, www.sec.gov, and search under the registrant’s name, “Cypress Energy Partners, L.P.”
About Cypress Energy Partners, L.P.
Cypress Energy Partners, L.P. is a growth-oriented master limited partnership that provides saltwater disposal and other water and environmental services to U.S. onshore oil and natural gas producers and trucking companies in North Dakota and west Texas. Cypress also provides independent pipeline inspection and integrity services to producers and pipeline companies throughout the U.S. and Canada. In both of these business segments, Cypress works closely with its customers to help them comply with increasingly complex and strict environmental and safety rules and regulations and reduce their operating costs. Cypress was founded by Cypress Energy Holdings, LLC, an entity controlled by the family of Charles C. Stephenson, Jr. and by Peter C. Boylan III, the Chairman and CEO of Cypress. Cypress is headquartered in Tulsa, Oklahoma.
A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
This news release contains certain forward-looking statements within the meaning of the federal securities laws. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believes,” “intends,” “objectives,” “projects,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to Cypress’s operations are based on management’s expectations, estimates and projections about the partnership, its interests and the energy industry in general on the date this news release was prepared. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by Cypress’s management. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the “Risk Factors” section of the registration statement on Form S-1 initially filed by Cypress on November 13, 2013 with the U.S. Securities and Exchange Commission and the information included in subsequent amendments and other filings. These forward-looking statements are based on and include our expectations as of the date hereof. Cypress does not undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Cypress becomes aware of, after the date hereof.