Oasis Midstream Partners Units Edge Lower in NYSE Debut

Oasis Midstream Partners LP (OMP) units traded at $16.60 in its debut on the New York Stock Exchange on Thursday after the firm earlier priced its initial public offering of 7.5 million units at $17 each.

Oasis Midstream Partners has granted underwriters a 30-day option to buy an additional more than 1.1 million units.

Upon closing, seen on Sept. 25, the public will own an approximate 27.3% limited partner interest in Oasis Midstream, or 31.4% if the underwriters exercise their option to buy additional units, while Oasis Petroleum (OAS) and affiliates will own the remaining 72.2%, or 68.6% if the option is exercised.

Oasis Midstream plans to use proceeds of approximately $119.9 million to make a $113.9 million distribution to Oasis Petroleum, to pay approximately $4.1 million of offering expenses and structuring fees, and to pay $1.9 million of origination fees and expenses related to its new revolving credit facility.

If the option to purchase additional common units is exercised in full, Oasis Midstream plans to use additional proceeds of approximately $17.9 million to pay a distribution to Oasis Petroleum.

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