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ALLENTOWN, Pa. -- Lehigh Gas Partners LP, a Delaware limited partnership, announced today it has completed its initial public offering of 6 million common units representing limited partner interests in Lehigh Gas Partners at $20.00 per common unit. The common units are traded on the New York Stock Exchange under the symbol "LGP."
Net proceeds received by Lehigh Gas Partners from the sale of the common units totaled approximately $111.6 million, after deducting the underwriting discount and structuring fee, but before taking into account estimated offering expenses.
Lehigh Gas Partners, headquartered in Allentown, Penn., was formed to engage in the wholesale distribution of motor fuels and to own and lease real estate used in the retail distribution of motor fuels. Lehigh Gas Partners owns and leases sites located in Pennsylvania, New Jersey, Ohio, New York, Massachusetts, Kentucky, New Hampshire and Maine.
Raymond James & Associates, Inc. and Robert W. Baird & Co., Incorporated acted as joint book-running managers for the offering. Oppenheimer & Co., Inc., Janney Montgomery Scott LLC, and Wunderlich Securities, Inc. acted as co-managers.