Reuters: Financial Services and Real Estate: UPDATE 1-Pacific Coast Oil Trust boosts IPO; prices at mid-point-underwriter

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UPDATE 1-Pacific Coast Oil Trust boosts IPO; prices at mid-point-underwriter May 2nd 2012, 23:13 Wed May 2, 2012 7:13pm EDT * IPO sells 18.5 mln units * Units priced at $20 each May 2 (Reuters) - Pacific Coast Oil Trust increased its initial public offering to 18.5 million units and priced the units at the middle of their expected price range, according to an underwriter. The trust, which was formed by oil and natural gas producer Pacific Coast Energy Co LP this January, priced the offering at $20 per unit. It was expecting to sell 17.5 million units in the IPO at between $19 to $21 apiece. The trust units are being offered by Pacific Coast Energy, which will receive all the proceeds from the offering, according to the trust's latest regulatory filing. The parent company of the trust intends to use the proceeds to buy additional trust units, repay debts and to make a distribution to its equity owners. Pacific Coast Oil Trust units are scheduled to start trading on Thursday on the New York Stock Exchange under the symbol "ROYT." Barclays Capital, Citigroup, BofA Merrill Lynch and JP Morgan were among the underwriters for the offering. The trust's pricing comes after two other companies expected to list this week slashed their offering sizes. Earlier today, private equity-backed EverBank Financial Corp cut the size of its initial public offering by 24 percent. PetroLogistics LP also cut the expected price range of shares in its offering to between $17 and $19 per share. Link this Share this Digg this Email Reprints

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