Rattler Midstream Partners LP Plans $583 Million IPO for May 23rd (RTLR)

Rattler Midstream Partners LP (RTLR) is planning to raise $583 million in an IPO on Thursday, May 23rd, IPO Scoop reports. The company will be issuing 33,300,000 shares at $16.00-$19.00 per share.

In the last twelve months, Rattler Midstream Partners LP generated $245.8 million in revenue and $87.9 million in net income. Rattler Midstream Partners LP has a market-cap of $2.7 billion.

Credit Suisse, BofA Merrill Lynch, J.P. Morgan, Barclays, Citigroup, Goldman Sachs and Wells Fargo Securities acted as the underwriters for the IPO and Capital One Securities, Scotia Howard Weil, SunTrust Robinson Humphrey, UBS Investment Bank, Evercore ISI, Morgan Stanley, RBC Capital Markets, Simmons Energy (A Division of Piper Jaffray), Tudor, Pickering, Holt, Raymond James, Seaport Global Securities, Northland Capital Markets, PNC Capital Markets and TD Securities were co-managers.

Rattler Midstream Partners LP provided the following description of their company for its IPO: ”  We are a growth-oriented Delaware limited partnership formed by Diamondback in July 2018 to own, operate, develop and acquire midstream infrastructure assets in the Midland and Delaware Basins of the Permian, one of the most prolific oil producing areas in the world. Immediately following this offering, we expect to be the only publicly-traded, pure-play Permian midstream operator. We provide crude oil, natural gas and water-related midstream services (including fresh water sourcing and transportation and saltwater gathering and disposal) to Diamondback under long-term, fixed-fee contracts. The assets Diamondback has contributed to us include 528 miles of pipeline across the Midland and Delaware Basins with approximately 216,000 Bbl/d of crude oil gathering capacity, 589,000 Bbl/d of SWD capacity, 740,700 Bbl/d of fresh water gathering capacity, 36,000 Mcf/d of natural gas compression capability and 150,000 Mcf/d of natural gas gathering capacity. In addition to the midstream infrastructure assets that Diamondback contributed to us, we also have an option, subject to certain conditions, to acquire equity in a long-haul crude oil pipeline, which will run from the Permian to the Texas Gulf Coast. “.

Rattler Midstream Partners LP was founded in 2007 and has 676 employees. The company is located at 500 West Texas, Suite 1200, Midland, TX 79701, US and can be reached via phone at (432) 221-7400. or on the web at http://www.rattlermidstream.com.

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