MV Oil Trust has registered for an initial public offering of up to $172.5 million, according to a filing with the Securities and Exchange Commission.
MV Oil Trust was formed in August by MV Partners LLC to own 80 percent of the net proceeds from MV Partners' interests in oil and natural gas fields in Kansas and Colorado.
MV Partners will offer 7.5 million trust units, the equivalent of shares, in the IPO. It didn't provide an estimated price range for the offering.
Raymond James, the underwriter listed for the offering, may also purchase up to 1.13 million additional trust units to meet demand, according to Monday's filing.
MV Partners will use the net proceeds from this offering to repay existing debt, repurchase a portion of the outstanding equity interests of MV Partners from an existing holder and make a cash distribution to its members, the filing said.
The trust said it intends to apply to list its units on the New York Stock Exchange, under the symbol MVO.
MV Oil Trust was formed in August by MV Partners LLC to own 80 percent of the net proceeds from MV Partners' interests in oil and natural gas fields in Kansas and Colorado.
MV Partners will offer 7.5 million trust units, the equivalent of shares, in the IPO. It didn't provide an estimated price range for the offering.
Raymond James, the underwriter listed for the offering, may also purchase up to 1.13 million additional trust units to meet demand, according to Monday's filing.
MV Partners will use the net proceeds from this offering to repay existing debt, repurchase a portion of the outstanding equity interests of MV Partners from an existing holder and make a cash distribution to its members, the filing said.
The trust said it intends to apply to list its units on the New York Stock Exchange, under the symbol MVO.
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