March 31, 2011 [Reuters] - Oil storage services provider Oiltanking Partners L.P. filed with U.S. regulators on Thursday to raise up to $200 million in an initial public offering.
The filing did not reveal how many units the company planned to sell or their expected price.
The company, whose general partner is owned by Oiltanking Holding Americas Inc, intends to use proceeds of the offering to repay debt and for working capital purposes.
Oiltanking Holding Americas Inc is a wholly owned unit of Oiltanking GmbH, the world’s second largest independent storage provider for crude oil, refined products, liquid chemicals and gases.
Oiltanking Partners, which operates one of the largest third-party crude oil and refined petroleum products terminals on the Houston Ship channel, said it planned to list its stock on the New York Stock Exchange under the symbol “OTLP.”
It told the U.S. Securities and Exchange Commission in a preliminary prospectus that Citigroup Global Markets Inc is underwriting the IPO.
