IPO News Archive
Chesapeake Granite Wash Trust prices IPO at $19, at low end of the range
Chesapeake Granite Wash Trust, which owns royalty interests in certain Chesapeake Energy (NYSE: CHK) properties, raised $380 million by offering 20 million trust units at $19, at the low end of the range of $19 to $21. Chesapeake had originally planned to offer 23.4 million shares. The trust targets a 2012 cash distribution of $3.13 per unit, representing a yield of 16.5% at the offer price. The company plans to list on the NYSE under the symbol CHKR
. Morgan Stanley and Raymond James acted as lead managers on the deal.