3 New Partnerships Priced – 1 Trading
By: Tim McPartland,
The new partnerships we highlighted last Sunday have all priced and 1 (Westlake Chemical Partners LP – ticker:WLKP) has been trading for 2 days. Westlake Chemical Partners LP priced Monday night at $24/unit, but opened trading on Wednesday at $30 before moving over $31 Thursday before dropping back a few cents today. Obviously at this pricing we have no interest as the promised distribution is only 3.6%. Further details are here.
VTTI Energy Partners LP has price tonight at $21/unit. VTTI will own crude oil and refined product terminals around the world. This should begin trading on Friday. Minimum initial distribution is slated at .2625/unit for a 5% yield. Further details of the issue are here.
Transocean Partners LLC priced tonight at $22–and should trade Friday–if we have the chance we may purchase some of this deep water driller as it comes with a minimum distribution 6.6%. Additionally we believe this issue has the best long term growth prospects of these 3 issues. Further details are here.