Kinder Morgan Inc., the pipeline company based in Houston privatized in a purchase of 22 billion U.S. dollars of leverage three years ago, plans to raise up to U.S. $ 1.5 billion in an initial public offering.
Kinder Morgan to turn his father, Kinder Morgan Holdco LLC, a corporation, a limited liability company and change the name Kinder Morgan Inc., the company said in a statement. Kinder Morgan participants Holdco will become new shareholders of Kinder Morgan Inc.
The company now known as Kinder Morgan Inc., registered in Kansas, will change its name to Kinder Morgan Inc. of Kansas
"It seems that the market has been very receptive to IPOs, and it would be a good sign for Kinder Morgan," said Jack Ablin, chief investment officer at Chicago-based Harris Private Bank, which oversees $ 55 billion.
All ordinary shares in the offering will be sold by existing investors, including funds advised by or affiliated with Goldman Sachs Group Inc., Highstar Capital LP, Carlyle Group and Riverstone Holdings LLC. Kinder Morgan said he did not receive benefits of the offer. The companies helped finance the operation that took the company private in 2007.
"You have private equity owners have been requesting for several years and this is his way out," said Mark Reichman, an analyst with Madison Williams & Co. in Houston, which has an "accumulation" of Kinder Morgan Energy Partners LP and units, has no.
Council Structure
Kinder Morgan operates the U.S. network second largest volume pipeline through its control of Kinder Morgan Energy Partners LP, which has a market value of $ 21.5 million. Kinder Morgan operates or has interests in 37,000 miles (59,546 kilometers) of pipelines and approximately 180 terminals, the handling of natural gas and other hydrocarbons.
The billionaire chief executive, Richard Kinder owns about a third of the company. Kinder is entitled to appoint five members of the board of the company 13 and maintain its 31 percent stake, according to the presentation.
The purchase of the Company's 2007 was the sixth largest in the history and the largest involving a pipeline company.
The company said it intends to increase its dividend over time by effectively increasing the association which can be distributed to shareholders, according to a filing with the Securities and Exchange Commission. The first dividend was paid in May 2011.
Improving the IPO market
Kinder Morgan's filing comes after the biggest week of sales in the U.S. starting from March 2008. The market for IPOs has stabilized after 61 deals were postponed or withdrawn this year, with companies from General Motors Co. to LPL Investment Holdings Inc. raised more than $ 17 million last week along with 500 of Standard & Poor's traded close to a maximum of two years.
An increase of 15 percent of U.S. stocks since late June has helped companies of buyout IPOs complete a dozen of his companies. Over 80 percent of firms backed by private equity firms are trading above their IPO price, compared with less than half of which went public in the first six months of 2010.
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